“When everyone is against you, it means you are absolutely wrong–or absolutely right.” -Albert Guinon
OWNERS NEWSLETTER FEBRUARY 2018
INTEREST RATES – As the economy continues to pick up steam, mortgage interest rates have also been on the increase. One month ago, the fixed interest rate on a 30-year conventional loan was 4.25%. Today, the rate is 4.5%. The VA fixed interest rate on a 30-year loan was 3.75% last month, but is presently 4.125%. It is widely anticipated that mortgage interest rates will continue to rise. If you’ve been toying with the idea of refinancing your current mortgage or purchasing a new home or investment property, now is a good time to revisit those plans and take advantage of what are still historically low interest rates. A shrinking existing home inventory and rising interest rates have spurred many lenders into loosening up their qualifying requirements as a preemptive move to maintain and/or increase customer levels. Lenders do not want to lose business, so easier qualifying requirements translate into less money down for purchasers in many cases.
RETURNING SOLDIERS – This month marks the return of approximately 3,500 soldiers with Fort Hood’s 2nd Brigade Combat Team from their nine-month deployment in South Korea. Several hundred soldiers have already arrived back at Fort Hood with the remainder of the unit expected to make their return in the coming weeks.
RENTAL TRAFFIC – January was a busy month. We rented forty-two properties last month consisting of thirty-five single-family houses and seven apartments. We ended January with 98% of our houses rented and 99% of our multi-family properties occupied. Steady demand for rental housing has continued into this month as soldiers return to Fort Hood from their deployments as well as families utilizing their tax refunds to move.
INSURANCE – Please take a few minutes this month to review your existing homeowners insurance policy. Do you have adequate coverage on your investment property? Are you paying too much? Your investment property may not be located in a flood plain, but does your existing coverage protect you against flash flooding or run-off resulting from new construction? What about sudden and accidental water discharge, foundation, or back-up of sewer drain lines and seepage? Does your current policy protect you against dog bite claims? More than one-third of all homeowner’s insurance liability claims are the result of dog bites and canine related injuries. Toby Brooks (firstname.lastname@example.org) is an agency owner with Goosehead Insurance and an expert on all matters related to property insurance. Give Toby a call (254-721-8104) or e-mail him if you have insurance questions. Toby will work hard to find you the best policy and can save you money in most cases.