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Cash-In Refinance - 5/11/2011
Cash-In Refinance

Here's an interesting thought. Instead of pulling money out of your equity when refinancing your home, consider putting some cash into your equity. The strategy would be to get a considerably lower rate and a shorter term than 30 years. It will pay off your mortgage sooner, build equity faster and save lots of money in interest.

If you have some extra cash available, this might be very atteractive compared to what your are earning currently on those savings.

In the example below, the current mortgage is at 5% for 30 years with payments of $939.44. The owner can refinance for 15 years at 3.875%. If he puts $30,000 into the refinance, his payments will be slightly more than the current $1,011.06 but the mortgage will be paid off in 15 years. At that same point, if he keeps the current mortgage, his unpaid balance will be $101,572.88.

In order to have the same payments as the mortgage he is refinancing, he'll need to add $39,764.68 to the refinance.

If you have a goal to get your home paid off and you have some funds available, a Cash-In Refinance may be just the strategy for you.




Confessions of a REALTOR ®

One can only imagine the number of homes that a real estate professional must see over the course of their career, the number must be in the thousands!

But I have a confession to make...

Like so many of my clients, I love model homes! More specifically how those model homes are decorated and staged.

They always seem to have the coolest accessories or use something in a manner that I would have never thought of, which usually leads to my own light bulb moment of how I can use that idea in my own home. (Yes...even REALTORS® stalk model homes for personal decorating ideas!)

So I wanted to share the following with anyone who has ever walked through any home only to be inspired by a lamp, table or unique accessory.

(If you happen to pick something up, be sure to share it on my Facebook page - would love to see what you did with one of these sale items.)

Until next time...




Drees Model Home Accessory Sale!

March 26th at 8:30 am


Home Decor Photo 

Mark your calendars for Saturday, March 26th for a model home sale in Marshall Point in Keller.

The sale will be at:

1920 Denali, Keller, Tx 76248

Please note, this is not the model.

Furniture from 4 models, 4 storage units, and more accessories than you can imagine!

The sale will begin at 8:30 (no pre-sale viewing.)

Cash only, no checks or credit cards will be accepted.

Here's a short list of items we have:

  • art
  • accessories
  • tables
  • chairs
  • rugs
  • more accessories
  • dressers
  • night stands
  • tv hutch
  • sofa tables
  • coffee tables
  • end tables
  • dining & nook tables
  • lamps
  • and more

Hope to see you all there!

Harry Kidd
Senior Market Manager



How's Your FICO?

Acquiring good credit is a balancing act. If you have too much debt then your scores will suffer. If you have no credit then your credit scores will suffer as well. There are 5 factors that determine you're over all creditworthiness. Any of these five factors will dictate your score either in a positive way or a negative way.

Your credit report will show all 5 of these factors in what is called a tri-merge report. This report is produced by each of the National Credit Bureaus. TransUnion, Equifax and Experian all basically use the Fair Isaac Scoring Model to determine your score in this report. Most banks use this risk model for determining approvals.  Now there are other score models out there, but FICO is pretty much the standard with most creditors. Keep in mind that each bureau will have a different credit score because each bureau is reported to independent of each other.

Fico Score Model 

Based on the model above you can see than your credit scores are determined by credit history and your credit utilization. This basically means you need credit cards with a low balance and a good payment history.


If you don't have any credit cards or loans on your credit report then you are considered a higher risk in the eyes of most creditors. Having no credit may result in no credit scores or low credit scores if you have some past credit history.


The whole point of a credit score is to determine your personal credit risk. The higher your credit score the lower your risk is to creditors.


In order to have good credit you must have credit reporting to all 3 national credit bureaus. This is typically done in the form of a credit card, installment loan, or a mortgage.


Fair Isaac's score model will look at your length of history which accounts for 15% of your overall credit score. This model also looks at the types of credit used. There should be a mix of credit like listed above which accounts for 10% of your credit score.


You can see how different factors in the Score Model will affect your overall FICO score aka (Credit Score).


Remember too much credit owed which accounts for 30% of your overall credit score will affect you greatly. A late payment which accounts for 35% of your credit score is a score killer as well.


While working on keeping your credit squeaky clean you to can reference this score model as a tool to keep your creditworthiness in check.


                                                Information provided to New Home Hunters Realty via Clover Mortgage

In the Eye of the Buyer

Over the weekend, we received an email from one of our sellers that reminded us of the importance of preparing a home for sale:

"You did an incredible job.  I know we did the cleaning, but you brought out the beauty of his house.  I've noticed something that sets you apart from other realtors.  When I'm looking online at other houses that someone lives in, their houses are full of clutter and not staged well .I looked at one house that looked pretty on the outside, but the inside was so junked up, it turned me off from looking at it any further."

Buying a home is an emotional process - people buy a home that they can see themselves in. A place that feels like home when they walk through the door, a place that they can picture themselves and their family in.

As a home seller, your job is to make those potential buyers feel welcome and to see your home as theirs, which at times can be a difficult transition since you've most likely spent years putting your own personal touches throughout your home.

When you are preparing to sell your house, you must view it through the "eye of the buyer."

Staged Home

Walk through your home and consider the following changes:
  • Re-painting a neon colored child's room with a more neutral color. Neutral's appeal to a broader group of home hunters and will allow them to envision how they would utilize the space.
  • Consider replacing old appliances, fix that sliding draw that seems to stick and de-clutter those cabinets and closets.
  • Spacious places sell so if you have over-sized furniture that tightens the space in your home, remove them or consider placing them in other areas.
  • De-personalize. This is the hardest one for sellers to do and it can be tricky since you don't want to rid your home of everything, you want inviting, not sterile. So think model home.
  • Remove family photos, overly personal items, even refrigerator magents can distract a buyer's eye and disturb their thinking.
  • Pay close attention to bedrooms and bathrooms. Buyer's can sometimes feel uncomfortable in these spaces, which are considered personal and private spaces of the home. Replace toothbrushes and soap with nice fresh towels and tasteful accessories.
  • Keep bedrooms neat and opt for welcoming rather than "lived-in."
  • When it comes to curb appeal make sure the lawn is manicured, the landscaping has been tended do and the general exterior of the home says "Welcome." Buyers don't like to see dead shrubs, toys in the yard, peeling paint or anything that can give off a general vibe of things that need repair.

Again, think model home. You are trying to find a balance between brand new and lived-in warmth. You want buyers to feel comfortable and linger in these spaces longer, that's what makes them picture it as home and that's what will lead to a successful sale.

If you have any questions about preparing your home to sell, or need some pointers to get you started in the right direction, let us know - New Home Hunters Realty is here to help.

Carolyn Conrey Named 2010 CRS of the Year

Collin County Realty is home to the 2010 CRS of the Year!

On October 22, 2010, THE COUNCIL OF RESIDENTIAL SPECIALISTS (CRS) named one of our local Collin County REALTORS, CRS of the year for the Texas Lone Star Chapter/Dallas Region.

Carolyn Conrey, broker/owner of New Home Hunters Realty received this honor for her outstanding accomplishments as a certified residential specialist (CRS.)

Carolyn Conrey Photo

In order to earn this prestigious recognition, real estate professionals must excel in four areas set forth by the Council of Residential Specialists:

To earn the Certified Residential Specialist (CRS) Designation, every REALTOR® must have significant experience and demonstrate volume of real estate transactions or gross sales, as well as complete rigorous educational requirements.

Every CRS designee is required to maintain membership in the National Association of Realtors® and to abide by its strict Code of Ethics.

Technology Expertise
The training available to CRS designees includes a strong focus on technology and its applications in the real estate business.

The Top 4 Percent
Less than 4 percent of all licensed Realtors® are Certified Residential Specialists.

Median Income Much Higher*
The typical CRS designee earns an average income of $85,000 nearly three times that of a Realtor® who is a typical sales agent.

Carolyn Conrey not only sells Collin County property but she also resides in the area and brings a wealth of knowledge and experience to those looking to buy and sell property within the Collin County realty market.

Ms. Conrey not only specializes in luxury home sales, but also represents buyers and sellers in search of pre-owned property, new home construction, land and investment property.

Her commitment to her clients transcends to the agents within her company by stressing the important of customer-centric values, continuing education, and commitment to excellence.

New Home Hunters Realty is excited to share this achievement with our clients and customers and wish Carolyn continued success.

Congratulations Carolyn !