News

Luxury Home Technology Trends for 2013

marcusm2013 — Wed, 03 Apr 2013 13:59:58 -0500

At this year’s annual Computer Electronics Show, tons of amazing electronics for the home were debuted. Many of these new electronics are now being touted as some of the big must-have trends for luxury homes in 2013.

Home automation is a major trend for 2013, with televisions that control everything from your home’s heating and cooling to its security and lighting. This new technology also has put smartphones on a bit of a power trip themselves, as the market now has a flood of apps that enable you to control home security, unlock doors, conserve energy and tinker with lighting. There are even apps that can provide a digital estimate of your home’s energy consumption and costs.

This year, we’ll surely see the continued trend in luxury homes toward discovering new ways to better optimize the energy efficiency of the home. Homes built with energy- efficient materials, such as foam insulation and on-site renewable energy, are already a staple of many homebuilders. However, this year that practice is expected to move into energy-efficient automation systems.

Now on the market are energy-efficient home automation systems, such as lighting control systems that can be tied into your HVAC system or window treatments. These systems allow you to program them to automatically adjust based on outdoor lighting, time of day or indoor temperature. These added features in a custom-built home with energy-efficient materials make a huge impact on the overall energy efficiency and potential cost savings.

Looking for a way to make your indoor air even cleaner? The newest technology for central air systems now incorporates vacuums for cleaner air and improved noise reduction to boot. This is a great new option for anyone with indoor allergies.

Trending technology will also be found in custom home kitchens in 2013. High-end appliances, such as ovens with visuals of the food you’re cooking and step-by-step instructions on how to precisely cook any meal via a touchscreen pad, will make creating exquisite meals even easier.

Incorporating these great new technology trends into your energy-efficient luxury custom home will increase the cost-saving opportunities and make life even easier for homeowners.

Marcus McCue | SVP & CMO

Guardian Mortgage Company

How to Successfully Refinance with Multiple Properties

Rebecca Scott — Tue, 05 Mar 2013 18:07:14 -0600

With the current low rates, more and more home investors are seeking ways to capitalize on this great opportunity to purchase at affordable home prices. However, if an investor already owns multiple properties, obtaining financing for additional investment properties can be tricky.

Guardian Mortgage Company has pulled together a quick guide to help investors navigate the waters to obtaining the additional financing they are seeking for second homes and investment properties. This article is focused on conventional financing and guidelines applicable to these loans with a loan balance of $417,000 or less.

How to Accurately Count Financed Properties
The first step of the process it to gain a clear understanding of the current property portfolio. Here are a few quick guidelines to calculate your home investment position:

The “number of properties financed” focused on by lenders is based on properties with mortgages on them currently and not the number of properties owned.

Properties that have greater than 4 units in one location (considered commercial properties) are not counted; nor will any other type of commercial properties.

Properties with title held in a partnership, LLC or any other entity are counted, unless the home investor has no personal liability, obligation or guarantee of the mortgage personally.

Properties that are held by corporation (C or S Corp) and whose loans are obligated to the corporation are not counted.

General Guidelines for 1 to 4 Financed Properties
Now that you have your total count, let’s take a look at a few guidelines that could impact your ability to finance additional investment properties:

First and foremost, keep in mind that there is no limit to the number of financed properties for a single investor when they purchase or refinance a primary residence. However, the limit on the number of financed properties will apply when the borrower is seeking financing for a second home or investment property.

Borrowers can secure cash-out refinances, where equity is being liquidated for any reason, when there are four or less financed properties. These cash-out refinances can be secured by a primary residence, second home or investment property.

General Guidelines for 5 or More Financed Properties
For those of you whose property count is five or greater, your guidelines will be a little more restrictive. These financing guidelines typically only apply to Fannie Mae backed loans since Freddie Mac does not allow a borrower to finance more than four properties. The following are the conforming guidelines for securing financing for investment properties for borrowers with five or more financed properties:

If you are seeking to purchase a one-unit property, you will need to meet the 25% down payment requirement.

If you are seeking to purchase 2-4 units, you will need a 30% down payment.

If you are seeking to refinance a property, you will need 30% equity in the property.

The minimum mid-credit score is 720 for all borrowers.

Borrowers must be able to show 6 months’ worth of payment reserves for each property owned (including property that is being acquired). The payment used for the reserve requirement is principal, interest, taxes, insurance and association dues.

The lender seeks the post-closing cash reserves, which are the reserves calculated after you subtract the cash required to close the new purchase.

Borrowers must have no bankruptcies within the last 7 years.

Borrowers must be able to show no late mortgage payments (30 days or greater) in the last 12 months.

No refinances to liquidate equity on any properties except the primary residence.

Contact Guardian Mortgage when you’re ready to seek financing for your investment properties or second home. We’ve helped borrowers navigate the home mortgage lending waters since 1965.

Marcus McCue | SVP & CMO
Guardian Mortgage Company

972-248-4663

www.guardianmortgageonline.com

Guardian Mortgage Announces Expansion of Correspondent Lending Division

Rebecca Scott — Wed, 13 Feb 2013 09:56:52 -0600

Guardian Mortgage announces the expansion of their Correspondent Lending Division focusing on TX, AR, OK and CO markets

Guardian Mortgage Company is pleased to announce the expansion of their Correspondent Lending Division. The new growth of the division is in response to the increased needs of independent mortgage bankers throughout Texas, Arkansas, Oklahoma and Colorado. Cari McCue, COO and founder of the Correspondent Lending Division, brought in Joe Collins, Len Murray and Laurie Simmons to assist in spearheading the new division.

Generation Y Values Amenities Over Square Footage in Housing

marcusm2013 — Thu, 07 Feb 2013 18:56:04 -0600

The mortgage borrower landscape is on the move again as the influx of Generation Y begins to make an impact. Those between the ages of 20 and 34 are now playing a huge role in the multifamily market and are having an impact on how it will look going forward.

What makes this group so interesting is that, unlike many of the generations before them, when Gen-Yers graduated from college and hit the workforce they were immediately faced with a struggling economy and very few job prospects. So in order to afford housing, many of them were forced to either move home or connect with others in roommate situations.

Research studies have found that Gen-Yers overall were surprised at the cost of mortgages. Most were unfamiliar with the principles of down payments, insurance and closing costs. Unlike previous generations, Gen Y is comprised of more unmarried singles who are discovering how obtaining that first house isn't an easy feat to attempt alone, as compared to the young married couples of previous generations.

Research is also starting to uncover trends in buying habits for Gen-Yers who are beginning to gain their footing and purchase real estate. This group typically rents first, but once they are ready to buy, the biggest appeals are affordability, on-site amenities, and nearby attractions like restaurants, bars and retail.

Less concerned about an expanding family than generations before them, Generation Y buyers focus on transit availability and commute impacts rather than on square footage. This new focus has caused many multifamily builders to reevaluate their development strategies and to create more options around areas within walking distance of downtowns, city centers and transit stations as opposed to suburban or rural areas.

Urban developments are starting to see a trend in compact living by this group. Spaces averaging 400-600 square feet located in trendy, popular areas are becoming hot commodities among Gen-Yers now entering the real estate market. With a bit of creativity in layout, such as loft beds over a bathroom or kitchen areas, developers are able to pack in tons of features into compact spaces.

The compact living trend, which started in New York, is now making appearances in major metropolitan areas across the country. And as the economy continues to rebound and more and more of Generation Y find themselves positioned to buy, it’s a trend that isn’t expected to fade out any time soon.

If you're interested in learning more about the mortgage process with Guardian Mortgage, visit the website at www.guardianmortgageonline.com or call 972-248-4663.

Step-by-Step Guide to the Mortgage Process

GuardianMortgage — Tue, 18 Dec 2012 12:26:22 -0600

Whether you’re ready to purchase your first home or you’re looking to refinance or purchase a second home, understanding the loan process and being organized is critical to making the process run smoothly and more efficiently.

The first step in the purchase loan process is the pre-approval process. Being pre-approved allows you to behave like a “cash buyer” when looking at homes. Additionally, through the pre-approval process, you’ll be able to determine your actual purchase price range.

We've put together a quick guideline to help guide you through the process, from pre-approval to signing the closing documents on your new home mortgage:

Once you’ve found the perfect home, it’s time to ensure that your credit report is accurate and in order.
Obtain a copy of your credit report and review it thoroughly, making sure all information is accurate and up-to-date. If you find any errors, your loan originator will be able to assist you in getting them addressed in an expeditious manner. Also, you should check with your loan originator to see if there are any additional steps you can take to further help strengthen your credit score — which will position you for a better rate.
The next step in the process is to complete your loan application. As is the case with many companies, with Guardian Mortgage you can complete your loan online or visit any of our offices to complete this step.
Now it’s time to get organized! You’ll need to gather all the pertinent documents and supporting back-up for your loan. You can find a complete list of these documents on our website.
You should have already received a Good Faith Estimate; it’s now time to carefully review this document with your loan originator. This document is an itemized list of the costs you will encounter through the lending process.
Finally, you’re ready to submit your purchase agreement and lock in the interest rate on your loan. Some lenders, like Guardian Mortgage, will allow you to lock in the rate before your purchase contract, but typically this service is only available for a fee.
Once your purchase agreement is submitted, your lender will most likely require an appraisal on the property. Your lender will order this document, once your inspection is complete. You will now enter the escrow period of the process (the time period after your offer to purchase a home has been accepted). It’s during this time that the loan processing, underwriting and preparation of closing documents are complete.
The last step is the loan closing appointment and funding by your lender.

Understanding this process and taking the time to do your homework and planning ahead of time is sure to make the entire process not only run smoother, but also faster.

The Guardian Mortgage Homebuyer’s Handbook features a wide range of answers and tips about the home mortgage process. With topics on everything from how to begin looking for a home to getting a mortgage to moving into your dream home, our free 40-page eBook has the answers you need to help make your mortgage process a snap!

If you're interested in learning more about the mortgage process with Guardian Mortgage, visit the website at www.guardianmortgageonline.com or call 972-248-4663.

Maintaining a Vacation or Second Home: Why a Concierge Service Ought to Come with the Title

GuardianMortgage — Thu, 01 Nov 2012 18:20:52 -0500

By Candy Evans
As originally appeared in Second Shelters August 24, 2012

As my site’s tagline reads, “you can never have too many homes.” Apparently, many buyers and homeowners agree. The latest Investment and Vacation Home Buyers Survey from the National Association of Realtors reported that vacation-home sales rose 7 percent in 2011.

In all, as I may have told you, vacation-home sales accounted for a healthy 11 percent of all real estate transactions in 2011. Not bad for a still-sluggish housing market.

And look at this gorgeous property I just found in Dana Point, California: $2,500 per square foot at The Strand.

Of course, buying a vacation home is one thing. Maintaining it is another. What if you live in Dallas and your vacation home is in North Carolina or Miami or a $25 million number on the west coast? How do you make sure the kitchen sink isn't leaking or the windows aren't broken when you’re hundreds of miles away?

Simple. (Well, not that simple.) You hire a concierge service. These services—also known as property management services—will watch over your second home while you’re away, make sure that the grass is mowed and the snow (if your second home resides in a chillier climate) is plowed.

I recently spoke with my mortgage guru Marcus McCue, senior vice president with the Plano office of Guardian Mortgage Company, about the steps owners of vacation homes can take to find the right concierge service for their second residences. Mortgage companies tend to like it when you take care of your property. Not only do many of his customers have second homes, his family also maintains a vacation home in Colorado—one of the top two states for second homes for Texans.

Candy: First, why do you think the vacation-home market has remained so strong even during a slow time for primary real estate?

Marcus: You have to consider the buyers in the second-home market. They are buying these homes because they want to, not because they need to. The economic slowdown obviously hasn't hurt these people as much. They still have money to spend, and they want to spend it on vacation homes that they and their entire families can enjoy. Because of this, the second-home market isn't as impacted by the ups and downs of the economy.

Candy: That’s exactly what we heard at NAREE. The second home market can be rather insulated. It’s easy to enjoy a vacation home while you’re there. But what about when you’re not? That’s the challenge, right, maintaining these homes when you live across the country from them?

Marcus: That can be a challenge. You need to hire a concierge or property management company to take over the day-to-day maintenance of these second homes. You can do little when you live hundreds of miles away. You can’t just leave and forget about that second home once your vacation is over. Who knows what can happen to that property when you’re not there?

Candy: A woman in Dallas has a second home in East Texas, very remote, and the thing BURNED—she didn't even know it ’till she drove out there! What can the owners of vacation homes expect their concierge services to do for them?

Marcus: Basically, they do everything that you do for your primary residence. There’s the basic upkeep, of course, but they are also there to handle any emergencies. Maybe a front window gets broken. They’ll take care of it. If there’s a leak in your home, they’ll handle it. Need someone to open the gate for a furniture delivery? Your concierge has the keys.

Candy: What about handling rentals? Many owners of vacation homes rent out those homes when they’re not using them. Concierge services can help with that, too, right?

Marcus: Definitely. Good ones screen renters and set up their schedules. They collect the rent and arrange for cleaning afterwards. Plus, they check the home for damage after a stay.

Candy: What questions should vacation-home owners ask when they’re investigating concierge or property management companies?

Marcus: First, ask a company how long it’s been in business. You want to work with a service that has a lot of experience. The more experience a concierge service has, the more prepared it will be to react to any problem. Also, make sure to ask how long a concierge service has worked in your vacation-home market. You don’t want to work with a company that may have many years of experience but has never tried to rent out a condo or home in your vacation home’s neighborhood.

Owners should ask, too, for a complete rundown of concierge services’ fees and what services come with these costs. They should ask how a concierge company will market their vacation homes. That’s important when it comes to securing renters. Finally, ask services how often they’ll check on your vacation property. Ask if they’ll do a complete walk-through after each group of renters checks out.

Candy: Do you have anyone you recommend?

Marcus: There aren't any nationwide concierge services so you need to find one near your vacation home. In Colorado, I can recommend The Grand Concierge in Winter Park and Frias Properties in Aspen.

Candy: Thanks, Marcus. This conversation makes me want to take another vacation. I think it’s time we checked out YOUR second home in Colorado!

If you have questions about buying, financing and maintaining a second home, feel free to contact Marcus McCue at 972-248-4663 or marcusmccue@gmc-inc.com.

Quoted a too-good-to-be-true mortgage interest rate? Don’t trust it.

GuardianMortgage — Thu, 01 Nov 2012 14:52:27 -0500

Brokers and some lenders are happy to quote you low mortgage interest rates on the phone. Unscrupulous ones might even send you letters promising to reserve an amazingly low mortgage-interest rate as long as you call in the next five days. This seems like great news to homeowners considering a refinance or those interested in financing a new home.

Problem is, the rates that these lenders are quoting you may be worthless.

To provide an accurate rate quote, lenders must first study a list of factors such as your financial history, the amount of equity you have in your home and the type of home that you own or want to own. Lenders who don't do this, who quote you an interest rate after just five minutes on the phone, can't possibly provide you with an accurate quote. The odds are good that your actual interest rate at closing will be higher than the one quoted to you.

“Several home- and borrower-specific factors go into the rate you receive when you refinance or take out a loan to purchase a new home,” said Jeannie Smith of North-Texas based Guardian Mortgage Company. “We work closely with homeowners to determine an accurate rate quote up front so there are no surprises later.”

Here's an example of how you might be disappointed should you trust a rate quote given to you over the phone. The lender might ask if you have good credit. You say that you do, forgetting about those three missed credit-card payments during the last two years. The broker on the phone quotes you an interest rate of 4.5 percent on a 30-year fixed-rate mortgage, a rate that sounds good to you.

However, that rate is only reserved for consumers with excellent credit scores. Your score, because of those missed payments, is only in the "average" category. When you move along the mortgage process, you might be surprised to find that your lender is now quoting you a more realistic interest rate of 5.5 percent based upon those credit dings.

And that's just one example.

“When I hear from a customer that another lender offered them a lower interest rate, there is a very low probability they will close at that rate,” said Smith. “Guardian Mortgage has one of the best ratings for historical delinquencies and defaults with the largest investors in the mortgage industry. As a result, we have the lowest G-Fee for lenders our size and that allows our rates to start at a lower point than most lenders. In addition, because we service our own loans instead of selling them off, we can be profitable at the lowest margin for the mortgage rate in the industry – good news for our borrowers.

Most likely, our competitors did not understand our customer’s situation, and thus did not calculate the correct fees that would affect the customer’s rate. Or, even worse, they might plan to switch the rate at the last minute. The truth is that they likely can’t deliver a rate below ours without taking a loss on that loan.”

Your home type matters, too, when determining interest rates. If you are purchasing or refinancing an investment property in which you do not live, your lender must charge you a higher delivery fee. If you live in a single-family home you'll be charged a lower delivery fee than if you live in a condo or other multi-unit property.

It’s a complex financial process and no one who gives you a quote without completing all these steps will honor that quote in the end. Guardian Mortgage Company is offering a free report for Park Cities BubbleLife readers on all the factors that go into your mortgage rate. Click here for the report. Use it with your next home purchase or refinance to make sure you get accurate quotes from your potential lenders.

Richardson, Texas-based Guardian Mortgage is an independently owned and managed company that specializes in originating single-family, owner-occupied home mortgage loans. The company operates North Texas offices in Arlington, Plano and Richardson.

Make a Summer Move Easier On Your Kids

GuardianMortgage — Mon, 30 Jul 2012 11:36:03 -0500

There are benefits to moving to a new house in the summer, especially when it comes to your children. You won’t be removing your children from their classes in the middle of the school year. And before the academic year begins, you’ll be able to introduce your kids to their new neighborhood.

But there are challenges to a summer move with kids, too. Children will face a long summer without the friends they’ve left behind. They might struggle to meet new friends without the social opportunities provided during the school day. Plus there is the chaos in the home as boxes replace toys for weeks on end.

Fortunately, parents can take several steps to make a summer move easier on their kids. Here are 10 ideas recommended by Guardian Mortgage Company:

Talk. Tell your children about your upcoming move as soon as possible. This gives kids time to ask questions and get comfortable with the idea of moving to a new home and community.
Share. Tell your kids as much as you can about their new home. Focus on their new bedrooms, backyard space, play areas and any other kid-friendly spaces. Excitement over their new home might eliminate some of the stress of making a move.
Visit. If you’re not moving a long distance, take your children to their new home and neighborhood several times before the move. This gives them the chance to become familiar with their new surroundings before moving day.
Explore. Find the fun areas of your new neighborhood before you move. Take your children to local parks, restaurants, movie theaters and stores. Again, this can help children feel more comfortable in a new neighborhood before they have to leave their current homes.
Use the Internet. If you’re making a long-distance move, traveling back and forth to a new home isn’t viable. But you can rely on the Internet to show off the amenities of your new neighborhood. You might even be able to take at least one long weekend trip to your new community before your move.
Choices. Give your children input into their new home. Allow them to pick out color schemes and furniture for their bedrooms or for their new play areas.
Plan for fun. Once you’ve made your move, be sure to schedule family activities during the long summer days. Taking your children to local parks, a community swimming pool, museum or zoo can give your children a positive view of their new hometown.
Camp. Sign your children up for summer camps. This is a good way for them to meet children and make new friends before the school year starts.
Bedrooms. Once you’re in your new home, focus on your children’s rooms first. The sooner their rooms are organized, the sooner they’ll become comfortable in the new house.
Structure. Stick to a routine. It’s easy during the summer to skip usual meal and bed times. Don’t do this when you move. Routines will bring comfort to children during a hectic time.

Also, to save stress and money on your next move, click the link to get Guardian Mortgage’s free report Top 10 Mover Secrets to Save Money and Reduce Stress.

Seven Tips for a Quick Recovery from Destructive Storms

GuardianMortgage — Tue, 10 Jul 2012 11:28:14 -0500

Freak hail storms caught residents throughout North Texas by surprise recently, busting through windows and shredding roof shingles. Many homeowners in Lakewood, East Dallas and other portions of North Texas have found themselves a bit windblown as well as they try to make repairs.

Not only do homeowners need to get repairs made to their satisfaction, but often they find themselves needing to coordinate with their mortgage lender and insurance company in a confusing shuffle of estimates, endorsements, adjusters and multiple checks.

“The mortgage lender has an insurable interest in their property and must make sure the repairs are actually made to quality standards,” said Marcus McCue, Senior Vice President at Guardian Mortgage Company. “This is why you may see your mortgage company as a co-signer on the checks issued by the insurance company. It is part of a system of checks and balances to keep the property – which is the lender’s collateral for the loan – in good condition.”

Don’t hesitate to get on the phone with your insurance agent and ask for help understanding the process.

“A relationship with your insurance agent helps a lot when you need to make a claim,” says Alison J. Garner, a seasoned Farmer’s Insurance Agent with clients in East Dallas and throughout North Texas. “Your agent can help you save money, help you locate resources for your repairs, and avoid or prepare for unpleasant surprises.”

For example, homeowners with older homes in East Dallas sometimes find that the entire roof must be replaced: not because of damage, but because their current composite asphalt roof was laid over an older wood roof – one that is not insurable today.

To make the storm recovery process go smoothly, Garner offers the following advice:

Get an estimate before officially filing the claim. You don’t want a claim on your insurance record when the amount of the repair is actually less than your deductible.
Beware of “storm chasers” that come through neighborhoods after a big storm. Many of them offer very low prices for repairs, but if they are not a local, established company, you have no way of getting them back to your house if quality is poor. Check them out with the Better Business Bureau.
Call your insurance agent for a list of quality, low-cost roofers and repair people. Remember, insurance companies don’t like to over-pay either!
Expect surprises. Older homes often have electricity, gas and other out-of-code issues that may need to addressed along with the main repair.
Get multiple estimates. Not only are you looking at price, but also you want to make sure your provider is aware of code and other issues (like the wooden roof) and that you are getting an accurate picture of costs before making a decision.
Be clear with your repair team the payment schedule ahead of time. The final check is issued after repairs are completed and inspected. If your roofer insists otherwise, then they are not used to working with insurance companies and may not be the best choice for your repairs.
Plan for the mortgage lender’s role in the repair process. When the check(s) arrive, they will have the borrower(s) name(s) and the mortgage lender’s name on the check. The lender must endorse the check prior to its deposit into your account.

On the mortgage lender side, before endorsing the check, the lender will have several requirements that can catch people by surprise if this is their first time:

You must submit a copy of the insurance adjuster’s report (including any photos included on the report from the adjuster, if taken).
You must submit the quote(s) from one or more contractors to complete the work specified by the insurance adjuster.
Your mortgage must be current. The lender can withhold approval if the mortgage is 30 days or more past due.
If the repairs are extensive, the lender might hold the funds in escrow and manage the repair process rather than the homeowner with payments in stages as the work is completed.
If the property is an investment property – not an owner-occupied primary residence – there will be more red tape and scrutiny. There is a significant amount of fraud with insurance checks on investment properties, where the borrower never makes the repairs on the property.
The lender has the right to require a final inspection of the property to ensure the repairs have been made.

If you have additional questions about your particular situation, contact Guardian Mortgage Company at 972-248-4663, info@gmc-inc.com or on Facebook.

Avoid costly mistakes. Free Homebuyer's Guide.

Real Estate Bargain? Park Cities Edges Out Preston Hollow and North Dallas for Astute Families

GuardianMortgage — Tue, 17 Apr 2012 14:00:00 -0500

“Bargain” rarely comes to mind when thinking about real estate in the Park Cities, but boutique lender Guardian Mortgage Company and REALTOR® Terri Patrick Cox of Allie Beth Allman & Associates beg to differ.

“It depends on whether or not you have children and where you want to invest your money,” said Marcus McCue, Senior Vice President, Guardian Mortgage. “Many of our Park Cities clients prefer to invest their monthly obligations in their house, which they see as an investment, rather than property taxes or tuition, if they feel they can get a comparable education for their children from the public schools in the area.”

“If you live in Preston Hollow or North Dallas, you’ll probably have a bigger house than in the Park Cities with more acreage, but you’re going to have the costs of private schools and higher taxes, which will make that property more expensive on an annual basis,” adds Cox.

McCue runs the numbers for his clients and finds that the financial scales tip in favor of the Park Cities when a family has two or more children.

Recently he and Terri Cox sat down and looked at two sets of comparable properties in the Park Cities and North Dallas at the entry-level $795,000 price and at the more typical $1.4 million price. While the Park Cities homes cost slightly more in terms of required down payment and closing costs, the Dallas homes will cost a family of four more every year for the next 30 years. See HERE for detailed mortgage analysis of the four properties.

“To put this in perspective, the entry-level homebuyer with three children could buy the more standard-level Park Cities property of $1,435,000 instead of the $795,000 home in Preston Hollow or North Dallas and spend the same annual out-of-pocket,” said McCue. “With two children, that equivalency is $1,387,500 with no more out of pocket.”

His analysis assumes that the homebuyer will put down 25% and that the family in North Dallas sends their children to private school. He based his tuition assumptions on the average of the top 18 local private schools. Click HERE for the list and tuitions.

Many people are surprised to find out that taxes in the Park Cities are lower than in Dallas. “On a typical $1.4 million house, you are looking at a tax difference of approximately $10,000 dollars per year,” notes Cox. “Many homebuyers would prefer to spend that money on their house rather than taxes.”

From its 16 parks, private police force, emergency services and highly acclaimed school district to its enduring property values, Park Cities residents can now add “bargain” to their reasons for loving where they live.

If you would like Guardian Mortgage to run the numbers for your situation, call 972-248-4663 or marcusmccue@gmc-inc.com. Terri Cox can be reached at 972-841-3838. http://www.terricox.com if you want to learn more about the many “hip pocket” real estate deals in the Park Cities that never reach the open marketplace.

Guardian Mortgage Company Becomes Newest Member of Lenders One® Mortgage Cooperative

GuardianMortgage — Thu, 19 Jan 2012 11:10:19 -0600

Richardson, Texas (January 19, 2012) -- Guardian Mortgage Company today announced it joined Lenders One® Mortgage Cooperative, the nation’s largest alliance of independent mortgage bankers, correspondent lenders and suppliers of mortgage products and services.

Based in St. Louis, Lenders One merges the needs of community lenders with those of its preferred vendor and investor relationships, creating a mutually beneficial marketplace for these parties to convene. The cooperative enables all participants to maximize revenue, minimize costs and expand market share through their collective economies of scale.

“We joined Lenders One because it will help us reduce operational costs and enhance the benefits we already offer to our customers,” said Marcus McCue, Senior Vice President, Guardian Mortgage Company. “The buying power of Lenders One means we will be able to improve the loan experience of our clients, offer even more competitive rates fees and the possibility of expanded product options. In addition, Lenders One’s training programs help ensure that we continue to have the best-trained staff in the industry.”

Guardian Mortgage is one of approximately 200 other member companies in the cooperative, giving it access to more than 40 preferred industry vendors, which represent a variety of mortgage-related services from document preparation and appraisals to strategic marketing tools, including the LendRIGHT campaign, and settlement functions.

“As our numbers continue to increase, we stay focused on increasing the value we can offer to all members, as well as on the contribution that new members like Guardian Mortgage Company bring to the cooperative,” said Scott Stern, CEO of Lenders One. “With a common goal of maintaining the role and success of independent mortgage bankers, Lenders One supports our members with the required tools and resources for originating quality loans, enabling them to remain competitive in any market cycle.”

About Lenders One Mortgage Cooperative

Lenders One® (www.LendersOne.com) was established in 2000 as a national alliance of mortgage bankers, correspondent lenders and suppliers of mortgage products and services. The St. Louis-based company originated $90 billion in mortgages in 2010 and ranks as one of the largest retail mortgage originators in the U.S. Its mortgage productivity system additionally allows members to close more loans, satisfy continuing education requirements and market themselves more powerfully. Lenders One, now 200 lender members strong, is a subsidiary of Altisource Portfolio Solutions S.A. (NASDAQ:ASPS).

About Guardian Mortgage

Headquartered in Richardson, Texas, Guardian Mortgage Company, Inc. has been in the mortgage lending and servicing business since 1965. It is an independently owned and managed company that specializes in origination and servicing residential mortgages. Guardian has almost $2.5 billion dollars in its servicing portfolio – which translates to over 17,000 current satisfied customers. In addition to offices in Plano, Richardson and Arlington, Texas, it also has offices in Grand Blanc, Mich. More information can be found at http://bit.ly/GuardianPressRoom.

Interested in learning more about your mortgage options? Get our free Homebuyers Handbook from our Facebook welcome page: www.facebook.com/guardianmortgagecompany, plus “like” us to see daily posts on important issues to homeowners and home buyers.

Turn Your Older Home’s Lemons into Lemonade

GuardianMortgage — Thu, 19 Jan 2012 10:07:17 -0600

East Dallas has many wonderful older homes and cottages that tend to be in a constant state of upkeep. It can be difficult sometimes to sell a house that needs repair or to make repairs in time for a potential sale. Sometimes the seller does not have the needed cash to make repairs up front before the sale. One technique that can be very successful for both seller and buyer in this case is “seller credits in lieu of repairs.”

This is ideal with a buyer who perhaps does not have enough cash for closing costs, or for whom the costs will be a hardship. The seller provides credits towards the buyer’s closing costs and prepaid expenses instead of painting, replacing carpets, sealing windows, etc., that have been noted in the buyer’s property inspection report. While the seller’s cash-out is lower, they do not need to pay cash up front for repairs.

The credit cannot be used to reduce the buyer’s required down payment or any required investment by the loan program (mortgage insurance, for example). It is specifically for closing costs and prepaid expenses such as inspections. Additional limitations on these contributions are percentages of the overall loan size:

The maximum allowable IPCs for conventional mortgages are limited to: Occupancy	CLTV	Maximum Limit
Investment	All	2%
Principal Residence or Second Home	≥ 90.01%	3%
	75.01% ‐ 90.00%	6%
	≤ 75.00%	9%

If there is a credit in excess of the buyer’s actual costs and expenses, that credit can be applied to buying points on the loan, which will reduce the cost of the loan to the buyer. Most buyers use the extra cash, of course, to make repairs after the closing.

Be sure to talk to your lender and realtor when structuring the agreement to set it up correctly. The seller’s contribution, for example, should be included on the contract in Section 12(1) (b) and not in the “special provisions” section. Underwriters do not want to see any language in the contract that states “in lieu of repair.” Both the buyer and seller are aware of the reasons for the credit and have agreed in advance to the amount. From the lender’s perspective, a credit toward the buyer’s settlement costs is all that is needed.

This technique is a win-win for both parties. Sellers can often sell their properties more quickly and without making costly repairs ahead of time. Buyers have help getting into the home and have complete control over the repairs. This is particularly appealing for painting, new carpets, etc., where personal tastes can make a real difference in long-term satisfaction.

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