Welcome to the Mission Mortgage of Texas, Inc. blog page. We use this blog to highlight news, announcements, and information that is relevant to the real estate market, with an emphasis on Austin and Houston, where we have offices located. Our goal is to help real estate agents, brokers, builders, developers, and anyone else with an interest in the housing industry to obtain the latest info needed to be successful.
The Mission Mortgage Blog
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Homestead Exemption Rules Have Changed
Posted by in Austin Facts, General Information
Tagged Austin, buyers, education, housing, law, legislation, real estate, taxes, texas
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URGENT INFORMATION FOR PEOPLE WHO BOUGHT THEIR HOMESTEAD PROPERTY IN 2011.
New Texas state laws have changed the requirements for having your residence designated as your homestead, which is necessary to enjoy the Homestead Exemption on your property tax assessment. In order to receive the Homestead Exemption for a property purchased in 2011 or later, the following requirements must be met:
- APPLICATION FOR RESIDENTIAL HOMESTEAD EXEMPTION for the particular county in which the homestead is located (available on most county appraisal district websites);
- Copy of DRIVER LICENSE or IDENTIFICATION CARD (ID) from the Texas Department of Public Safety. The address MUST MATCH the homestead address; and
- Copy of VEHICLE REGISTRATION RECEIPT. The address MUST MATCH the homestead address. If you do not own a vehicle, you must complete the Non-Ownership of Motor Vehicle Affidavit (found on page 4 of most counties’ Application for Residential Homestead Exemption form), sign it before a Notary Public, and attach a copy of a utility bill showing the homestead address.
The Homestead Exemption will not be granted unless all the required documents show the same homestead address – this is a change from previous requirements. All documents must be submitted between January 1 and April 30, 2012 for homes purchased in 2011.
These requirements ONLY apply to homes purchased in 2011 or later. Homes already granted Homestead Exemptions do not need to reapply.
A special thanks to Twila L. Groom, Attorney at Law, for information included in this post.
Advisory Board Co to Hire 240 in Austin
Posted by in Austin Facts, General Information
Tagged Austin, city, economic indicators, jobs, technology, texas
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More technology jobs are headed to Austin as the Advisory Board Co. has recently announced plans to hire 240 full-time employees to add to the existing roster of just under 100 workers. The hiring is a required component of incentives given to the company to bring more of their software operations to our area. Both the City of Austin and the State of Texas contributed incentive money to Advisory Board Co. to attract the company. The stipulations for that incentive money includes the hiring of 240 employees over the next 10 years. The workers hired will average a $90,000 salary.
The City of Austin incentive totals just over $370,000 and expects a positive impact to the overall local economy of $1.4 million over the next 10 years. The State of Texas added $500,000 in incentives with the expectation that as much as $8.1 million in software development and systems support services will be spent in the state by the company. The headcount figures are also mandatory in order for the incentive to be given.
Advisory Board Co. creates software for use by doctors and hospitals and already has an impressive client list and over 1000 employees. The software they create currently reach 500 hospitals and over 300,000 doctors, according to a story in the Austin American-Statesman.
A look at the Advisory Board Co website shows a list of 20 job roles currently accepting applications for the Austin office. It is unknown how many of each job type is being hired, but it is clear that their push to increase headcount has already gotten started. Analysts, researchers, project managers, software engineers and user experience experts are among the roles currently available. There are some senior level roles also listed on the website. To see the current list, please click here.
To see the original story in the Austin American-Statesman, please click here.
Four Things To Do In Austin This Week
Posted by in Austin Facts, General Information
Tagged Austin, city, events, music, texas, things to do
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This feature highlights four events or activities in Austin and the surrounding area every week. If you have suggestions for events to be mentioned, please email them to info@missionmortgage.com.
1. Body-focused movement and stunts make Pilobolus an entertaining show for all ages. Gravity-defying, mind-boggling examples of what the human body is physically capable of performing. Friday and Saturday at The Paramount. Please click here for more info.
2. Does your kid like building things? How about taking things apart? Maybe they would like Engineer’s Day at the Austin Children’s Museum on Saturday from 10 am – 2 pm. No cost for admission for the first 300 kids. Engineers will be on hand to explain and demonstrate kid-focused activities that explore the world of engineering. For the details, please click here.
3. If you want to dive into the mystic secrets of the universe, plan to attend An Evening with Deepak Chopra at The Long Center on Tuesday. Come listen to one of the most respected experts in the powerful connection between mind and body. For more, click here.
4. We’ve culled through this week’s music concert listings to find a little something for everyone. Here’s our recommendations for this week: Anya Marina at Stubb’s on Friday, Flipnotics Singer Soulwriter night on Saturday featuring Lang Freeman (Sounds Under Radio) and Brian Batch (Alpha Rev), Wolfgang Gartner at La Zona Rosa on Saturday, and Stanley Smith at Elephant Room next Tuesday. Enjoy!
Compiled by Michael Ikeya for Mission Mortgage, February 17, 2012.
For those seeking more options for things to do in Austin, we recommend the following websites:
www.do512.com - By far the easiest to navigate and search and they give away plenty of tickets to shows every week.
www.c3concerts.com/ - Another easy-to-use site provided by the same folks that produce the ACL Music Festival every year.
www.austinchronicle.com – Less user-friendly, but a wide variety of events, activities, and stories about the Austin music scene.
www.austin360.com – Provided by the Austin American-Statesman newspaper. Again, not the most user-friendly, but filled with great ideas every week.
The housing market continues to show signs of life as two key measurements reported positive numbers.
HOUSING STARTS INCREASE
Housing Starts were up 1.5% in January 2012, according to the U.S. Census Bureau, totalling 699,000. The results beat consensus estimates, signaling a better-than-expected result. Single-family units were started at a lower pace in January, but the impact of the increase in multi-family starts more than made up the 1% drop, according to a story on marketwatch.com. In addition, the previously-reported results from December were revised upwards by 32,000 units to a seasonally-adjusted 689,000.
While single-family starts were down 1% in January, the rolling three-month average rate of starts increased 13%. Unseasonably warm weather across much of the United States is said to have contributed to the increase in starts as planned construction projects took advantage of milder weather to break ground on projects. If that’s the case, then the number of starts should average out when measured over a longer period of time. On the other hand, the perception of economic growth as signaled by the increase in Housing Starts could be a catalyst that spurs added interest from buyers who are currently sitting on the sidelines. In any event, the positive results are welcome news for the building industry and the overall real estate market.
To read the original story from marketwatch.com, please click here.
BUILDER CONFIDENCE CONTINUES TO RISE
Confidence levels among the nations single-family home builders increased again in February 2012. We’ve been following this number closely as a barometer of public sentiment and have watched not only the results climb, but at a faster pace than expected by just about everyone. February’s reading was reported by the National Association of Home Builders at 29, up from 25 last month. The results is the highest reading in over 4 years. Home builders are on the front lines of the home buying market, even though resales represent a higher percentage of real estate transactions. New homes are a cleaner measurement of the current sentiment as it elimates the days-on-market variable in most cases. If home builders are more confident, that must be a result of positive changes to the normal levels of buyer traffic and interest. If buyer traffic is increasing in new home communities, it is generally accepted that this represents an increase in activity in the overall housing market.
Take a look at the graph below. We’ve shown the graph before to illustrate the sharp rate of increase and it’s worth showing again with the latest data. If trends play a part in predicting future sentiment, one would have to expect continued increases.
To read the press release from the National Association of Home Builders, please click here.
Austin Apartment Occupancy Rises
Posted by in Austin Facts, General Information, Mortgage News
Tagged Austin, buyers, city, construction, Consumer, development, economic indicators, foreclosure, housing, jobs, mortgage, real estate, texas
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Occupancy rates for apartments in Austin has surpassed 95% and all indications predict the rental market to grow even tighter. Why?
The reasons for higher occupancy rates are numerous and Austin is experiencing a “perfect storm” of sorts. Not only is demand higher due to a continuous influx of newly arriving residents seeking employment in a nationally respected job market, but also the number of new apartment units being built is far less than the expected population increase. According to a recent story on KUT.org, Austin continues to receive 30,000 – 35,000 new transplants a year. In past years, the amount of lending and speculation for multi-family rental units was tightened significantly, slowing down the pipeline of new projects. As a result, the number of new units coming on the market today is far less than the number of people moving to the area. Only 4,000 units have been added in the past two years. As many as 10,000 new units are breaking ground this year, but most will not be ready for occupancy for two years or more.
In addition, many renters are renting for longer. The housing market has tested confidence levels and the job market has left many fearing a long-term financial commitment as large as a house. So apartments stay full for longer, further driving up occupancy rates. More significantly, higher occupancy rates lead to higher rents. This is a simple supply and demand equation. When occupancy rises, that leaves a smaller supply of available units. As people move in, that leads to a higher demand for available units. High demand and low supply drives up prices. Thus, renters in Austin are currently faced with regular rate increases and should plan to continue to absorb those increases until occupancy rates drop back down.
The real estate market is keyed in on this dynamic. As rents rise (and the threat for future increases looms), apartment living becomes less attractive. Eventually, many renters will reach a point where owning will become more desirable. The specific situation in Austin right now is going to increase housing demand as rents will continue to climb, occupancy rates will creep further upwards, and renters will want to increase the value of the money they spend on housing. The result should be an uptick in residential home sales, especially for as long as mortgage interest rates remain near historically low levels.
To read the original KUT.org article, please click here.
Four Things To Do In Austin This Week
Posted by in Austin Facts, General Information
Tagged Austin, city, events, music, texas, things to do
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This feature highlights four events or activities in Austin and the surrounding area every week. If you have suggestions for events to be mentioned, please email them to info@missionmortgage.com.
1. The StoryCorps project collected oral histories from people throughout the country and Dave Isay’s speaking about the journey at BookPeople on Saturday evening. With Valentine’s Day around the corner, Dave will focus on stories of love. For more details, click here.
2. Also Saturday, The Blue Starlite Drive-in is screening Breakfast at Tiffany’s, written by Truman Capote and starring the absolutely adorable Audrey Hepburn. The song “Moon River” came from this movie. Please click here for more info.
3. A double Opening Reception at Big Medium Art Gallery will celebrate the works of Martin Sztyk and Evan Hublein on Saturday evening. The exhibits will remain on display through March 2, 2012. To learn more, please click here.
4. Austin has music of every flavor, live and on stage 7 nights a week, 365 days a year. We love this place. Here’s what we think you should hear this week:
For some smooth reggae sounds, check out Rebelution at Stubb’s on Friday.
If you like Alt/Indie, then you’ll like hearing Lemonheads at The Mohawk on Saturday.
Quirky and upbeat psych-pop describes The Polyphonic Spree at La Zona Rosa on Wednesday.
Having just played the National Anthem for the NY Giants Wild Card playoff game, New Orleans style Trombone Shorty at ACL-Live next Thursday.
Compiled by Michael Ikeya for Mission Mortgage, February 10, 2012.
For those seeking more options for things to do in Austin, we recommend the following websites:
www.do512.com - By far the easiest to navigate and search and they give away plenty of tickets to shows every week.
www.c3concerts.com/ - Another easy-to-use site provided by the same folks that produce the ACL Music Festival every year.
www.austinchronicle.com – Less user-friendly, but a wide variety of events, activities, and stories about the Austin music scene.
www.austin360.com – Provided by the Austin American-Statesman newspaper. Again, not the most user-friendly, but filled with great ideas every week.
The Reserve at Brushy Creek
Posted by in Austin Facts, General Information, Mortgage News
Tagged Austin, builder, buyers, construction, development, economic indicators, housing, mortgage, real estate, texas
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A new luxury residential development is breaking ground in Cedar Park. The Reserve at Brushy Creek is a 30 acre community that will eventually build 130 single family homes near the intersection of Brushy Creek and Parmer Lane. The developer is Milestone Community Builders, one of Mission Mortgage’s preferred builders. We have been working with Milestone for some time and have found their homes to be well-planned and constructed. We have watched them successful launch a number of projects and we are very proud to continue to be one of their lending partners.
The new development is estimated to cost upwards of $25 million to construct and Milestone has announced that they will be selling homes from their Pinnacle Home Collection – their luxury line of homes. Specific models and pricing have not been announced. The plans call for a centralized amenity center for the use of all residents. The amenity center is designed with indoor, outdoor, and covered outdoor spaces along with a family-friendly swimming pool.
Currently, only a small blurb about the development can be found on the Milestone website. As more details become available, we will share them here on our blog. Milestone already has homes in 8 different residential developments in Austin and along with The Reserve at Brushy Creek, there are two additional locations listed in the “Coming Soon” section of their website.
Mission Mortgage is proud to be a preferred lender for Milestone Community Builders and we wish them great success in their newest endeavor. We look forward to many years of success and prosperity for this homebuilder.
Progressive Hiring 185
Posted by in Austin Facts, General Information
Tagged Austin, city, economic indicators, jobs, texas
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Progressive Insurance continues to expand in the Austin area, announcing recently that 185 additional employees will be hired in the coming months. The company has customer service positions and the related support roles available in the Austin location, which is just east of I-35 on Ben White Blvd (Hwy 71). According to their website, Progressive is currently hiring for the following roles: Customer Service Representative, Inbound Sales Representative, and Claims Representatives.
Just last May, Progressive hired 65 new employees at the Austin location. The new announcement provides an idea of the speed at which they are filling positions in our local area. The hiring push last May received an enormous response from job-seeking candidates, and the quality of those applicants allows the company to further their hiring numbers here. This new round of jobs is nearly three times the number hired last May.
According to a story in the Austin American-Statesman, the company currently employs roughly 1,100 people in the Austin location. Progressive is the fourth leading auto insurance provider in Texas with roughly 8% of the market share. They are based in Ohio. Progressive is proud to be named a “Best Places to Work” company in 2010, by the Austin American-Statesman.
To learn more about the available jobs, visit Progressive’s website by clicking here.
To read the original story in the Austin American-Statesman, please click here.
Four Things To Do In Austin This Week
Posted by in Austin Facts, General Information
Tagged Austin, city, civic, events, music, things to do
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This feature highlights four events or activities in Austin and the surrounding area every week. If you have suggestions for events to be mentioned, please email them to info@missionmortgage.com.
1. Chili, coffee, and a good cause.
Jo’s Coffee on South Congress is hosting their 6th Annual Chili Cookoff on Saturday from 11 am – 3 pm. Proceeds from this year’s event benefit Lila Tenenbown, a former employee who was recently diagnosed with breast cancer. Please click here for more details.
2. Haggis Anyone?*
Enjoy a traditional Scottish meal and a performance by musician and poet Robert Burns at the Texas Highlanders’ Burns Supper at the Crowne Plaza Ballroom on Saturday night. For more info, click here.
*The actual menu is not known – Haggis may or may not be served. 
3. Did You Like the Book or the Movie Better?
Bookpeople is hosting a cool event on Sunday. First, a book discussion about Dorothy Hughes’ “In A Lonely Place” will take place, followed by a screening of the film adaptation of the book from 1950 starring Humphrey Bogart. It is considered one of the best Noir films of its time. To learn more, please click here.
4. Alt-rock, Soulful Blues, Alt-Hip Hop, or Classic Jazz
It’s always time for music in Austin and this week is no different. Need help deciding? Here’s our suggestions for this week: They Might Be Giants at La Zona Rosa on Friday, Frank Gomez at Maria Maria on Saturday, G. Love and Special Sauce at La Zona Rosa on Saturday, and Black Red Black at Elephant Room on Sunday. Enjoy!
Compiled by Michael Ikeya, Marketing Coordinator for Mission Mortgage, February 3, 2012
Mission Mortgage recently announced our sponsorship of the Innovation Panel 2012, where some of Austin’s top real estate agents will discuss technology and marketing in today’s environment. We are very proud to help bring these amazing Realtors to the stage for what promises to be a sensational panel discussion.
TWO NEW SPEAKERS ADDED
When we made the first announcement (click here), we knew these speakers would be present and participating in the panel:
Krisstina Wise, The Goodlife Team
Chad Goldwasser, Goldwasser Real Estate
Kevin Burns, UrbanSpace Realty
The panel just got even better with the addition of:
Laura Duggan, West Austin Properties
Christine Choate, Horizon Realty
Here are the details about the program:
INNOVATION PANEL 2012
Your Real Estate Career Is Changing
Thursday, February 16, 2012
4:00 – 6:00 pm
Hyatt Regency – Foothills Ballroom
And here is a short video to introduce Krisstina Wise, who helped bring this panel discussion from dream to reality:
To register to attend the Innovation Panel 2012, please click here.
About the Innovation Panel 2012:
Come join the conversation between 5 of Austin’s Leading Independent Broker/Owners as they share their vision for the future of real estate in this technological age. More specifically, they will share what they are doing to help their agents win in today’s market by having better tools and support necessary to find and serve customers.
About Mission Mortgage of Texas, Inc.:
For over 25 years, Mission Mortgage of Texas, Inc. has been providing professional residential mortgage lending services to clients from our main headquarters near Zilker Park in Austin, Texas. We provide lending to clients throughout the entire state of Texas, giving all Texans an opportunity to learn first hand what top notch customer service looks like in the mortgage industry. We proudly support Realtors, Builders, and Developers and our sponsorship of the Innovation Panel 2012 is just another example of our commitment to their success. We hope that all of our Realtor partners and friends will attend this incredible event and learn how to better position themselves for the future that is on its way. For more information about us, please click here.
NMLS #207583