You know, moving was hard enough before the economic downturn. Now, aside from everything else you have to do, you have to strongly consider the economic factors of your move more than you used to. It’s no longer just a matter of finding the best looking house in the classiest neighborhood you can: you have to make sure that you won’t have to pay too much to live day-to-day and that you’ll actually be able to find a job where you move. So strap yourself in, we’re about to take a tour of Midwest and Austin real estate.

Where Can I Live Cheaply? The Midwest!

If you find a place with a low cost of living, you can make sure that every dollar you make is able to go the extra mile. In that case, heed the words of  Professor Robert Helsley of UC Berkeley, who says that the Midwest is so cheap because the entire area is landlocked. However, most people don’t even expect to get waterfront properties nowadays (especially with a bad economy), so you can go ahead and turn this into an extra benefit for yourself in order to get a lower price by not even considering the coast in the first place. If you’re really keen on having a low cost of living, you also might want to consider St. Louis, which has the lowest cost of living in the entire country.

Where Can I Find a Job? Texas!

By moving to a place with a good job market, you’ll be able to ensure that you’re not stuck in unemployment limbo for too long. In order to find a strong economy, you should check how many major corporations are in your prospective city and state. These companies bolster the economy around them and help provide lots of job openings that you can take advantage of. This is why Forbes says that “three of the best cities to earn a living” are “Dallas, Houston and Austin,” as Texas has 57 Fortune 500 companies. The only other state in the country that can match that is California, but it is significantly more expensive than Texas. The reason why those three cities, in particular, are on the list is that Dallas has 15 of those companies while Houston has 38. Of those three cities, Dallas has 15 of those large companies while Houston has 38. Austin only has 1, but it has a vibrant startup scene and is also the state capital.

What’s My Best Bet? Texas!
If you think that both a low cost of living and a strong job market are important, you should go ahead and look at Texas. Texas has a low cost of living across the state to accompany its stellar corporate presence and job market, making it the best place to move in the current economic climate. If you’re looking just for a low cost of living, the Midwest beats it out, but, for most people, Texas is currently the place to be.

James Kim writes for Austin Real Estate service Homecity.com.  HomeCity combines powerful online Austin MLS search technology and other online tools with personalized real estate services to provide clients with the knowledge they need to make the right buying and selling decisions.

Great news – you bought your home with a first and second mortgage, and you’ve paid off the second mortgage. The second lien lender has sent you a release of lien and you know need to record it. How do you do that?

First figure out what county the real property is in, and then take it to the relevant County Clerk’s office to be recorded. I’m going to tell you how to do that for Travis County.

Why do I need to record the release of lien? When you come to convey or borrow against a piece of real property, an attorney or title plant performs a title search. Part of this is to check what liens are on the property, and to establish a route to providing clear title (ownership). If you haven’t recorded the release of lien, then guess what – the lien shows up as active on the home, and your process is derailed.

How do I record a release of lien for property in Travis County? Go to the County Clerk’s office – 5501 Airport Boulevard. You’ll enter the main door and turn left with all the people applying for business names and marriage licenses. You have to take the original release of lien paperwork with you, and funds to pay for recording. The costs is $16 for the first sheet, and $4 for each additional sheet. Present yourself to the clerk and away you go.

Do I really have to turn up in person, can I do it online? You can mail the release of lien for Travis County addresses along with a check / money order to “Travis County Clerk” to:
Travis County Clerk
PO Box 149325
Austin Texas 78714

They’ll hold onto the original for a few weeks during the recording process and then send back the original to the return address that you specify.

There are electronic recording services such as those listed on the website – I’ve never used them. Please comment below if you have.

So that’s how, why and where to record your release of lien in Travis County!

Garreth Wilcock is a real estate agent for Sherlock Homes Austin – 512 215 4785

Local mortgage planner John Schutze gives his weekly market update:

“Mortgage rates end the week¦.DOWN!!

This morning¦according to the government, 95,000 jobs were lost in September. Economists expected a net loss of only 5,000.   The silver lining is that private sector jobs grew by 64,000, but with huge government layoffs (mostly local govt™s) the net number was 95,000 total lost.  This is a positive for the private-sector, but still trailed expectations.

More good news for rates¦this week, lots of news chatter was focused on the possibility that the Fed might dump more money into the economy. It™s being referred to as QE-2 (Quantitative Easing – Round 2.) The gov™t wouldn™t likely purchase mortgage bonds like the previous program. It™s more likely they will purchase Treasury Bonds, however this action would help keep mortgage rates at their current lows or push them lower.

Current rates:
30 Year Fixed:   3.875 %
15 Year Fixed:   3.5 %
FHA 30 Year:   4.0 %
VA 30 Year:   4.25 %
5 Yr ARM: 3.0 %
Jumbo 30 Year Fixed:   5.125 %
Jumbo 5 Yr ARM:   4.25 %
30 Year Home Equity:   4.125 %

The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amount

John™s team helps Austin area buyers plan their mortgage future. Check out his Austin mortgage blog.

Garreth Wilcock is a Central Austin Realtor ®. You can search Austin homes for sale at his website.

Local mortgage planner John Schutze gives his weekly market update:

“Mortgage rates are down from last week!!!The chance for additional Treasury purchases by the Fed helped mortgage rates improve early this week. Stronger than expected economic growth data trimmed the gains later in the week. The net result was that mortgage rates ended the week a little lower.

As expected, the Fed made no change in the fed funds rate at Tuesday’s meeting. It™s statement was very similar to the last one, but investors focused on one important difference. Fed officials stated that they are “prepared to provide additional accommodation if needed to support the economic recovery.” Investors interpreted this to mean that additional bond purchases by the Fed could take place in coming months. While the Fed is expected to purchase Treasury securities rather than mortgage-backed securities (MBS), increased demand for Treasuries would be favorable mortgage rates. As usual, investors immediately priced in this information, and mortgage rates improved.

The housing data released during the week generally matched expectations. While there are differences in regional performance, overall the housing market is holding steady above the lows reached during the recent financial crisis or improving modestly. August Existing Home Sales in Austin are down 15% from last year but up from a 27% drop in July (hangover from the expiration of the tax credit). Inventories of unsold existing homes is a 7.1 month supply which is arguably a very positive number all things considered.

Current rates:
30 Year Fixed:   4.125 %
15 Year Fixed:   3.75 %
FHA 30 Year:   4.25 %
VA 30 Year:   4.375 %
5 Yr ARM: 3.25 %
Jumbo 30 Year Fixed:   5.375 %
Jumbo 5 Yr ARM:   4.375 %
30 Year Home Equity:   4.5 %

The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amount

John™s team helps Austin area buyers plan their mortgage future. Check out his Austin mortgage blog.

Garreth Wilcock is a Central Austin Realtor ®. You can search Austin homes for sale at his website.

Local mortgage planner John Schutze gives his weekly market update:

“Mortgage rates end the week unchanged from last week¦Slower than average economic growth and low inflation persuaded investors to purchase bonds, including mortgage-backed securities. Following three months of declines, mortgage rates appear to be settling into a range so far in September.

The most significant economic data released during the week was the monthly inflation reports. Rising inflation erodes the value of bonds and pushes mortgage rates higher. In the current economic environment, higher inflation is not a concern, and some investors are more worried about the risk of inflation falling too low. The Fed is generally most comfortable when core inflation is rising at an annual rate between 1.0% and 2.0%. In August, the core Consumer Price Index (CPI) increased at a low 0.9% annual rate. While this level is probably not low enough to prompt new action from the Fed, investors will be closely watching what the Fed has to say about inflation rates at next Tuesday’s meeting.

Current rates:
30 Year Fixed:   4.375 %
15 Year Fixed:   3.75 %
FHA 30 Year:   4.25 %
VA 30 Year:   4.25 %
5 Yr ARM: 3.5 %
Jumbo 30 Year Fixed:   5.5 %
Jumbo 5 Yr ARM:   4.375 %
30 Year Home Equity:   4.75 %

The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amount

John™s team helps Austin area buyers plan their mortgage future. Check out his Austin mortgage blog.

Garreth Wilcock is a Central Austin Realtor ®. You can search Austin homes for sale at his website.

Local mortgage planner John Schutze gives his weekly market update:

“Mortgage rates inched up slightly as we end the week!   In a highly anticipated speech Friday morning, Fed Chief Bernanke confirmed that economic growth has fallen below the expected levels in recent months. He also suggested that the Fed is unlikely to take further stimulus action unless the economy deteriorates significantly. The current Fed outlook is for below average economic growth with low inflation, which is a favorable environment for low mortgage rates.

FHA UPDATE: Since the financial crisis, the Federal Housing Association (FHA) has grown rapidly and is now backing nearly half of all new home-purchase loans. To boost reserves and reduce risk to taxpayers, the FHA will raise the annual fee it charges to new borrowers. In particular, for case numbers ordered October 4 or later, it will raise annual insurance premiums (MIP) to 0.85% or 0.90%, based on LTV, up from 0.55%.

Current rates:
30 Year Fixed:   4.125 %
15 Year Fixed:   3.75 %
FHA 30 Year:   4.25 %
VA 30 Year:   4.25 %
5 Yr ARM: 3.25 %
Jumbo 30 Year Fixed:   5.25 %
Jumbo 3 Yr ARM:   4.0 %
30 Year Home Equity:   4.5 %

The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amount

John™s team helps Austin area buyers plan their mortgage future. Check out his Austin mortgage blog.

Garreth Wilcock is a Central Austin Realtor ®. You can search Austin homes for sale at his website.

Local mortgage planner John Schutze gives his weekly market update:

“Mortgage rates are EVEN LOWER this week! Rates are benefiting from disappointing news on the job front this morning. The Labor Dept reported a net loss of 131,000 jobs in June. Most of the loss was due to temporary government Census workers ending their seasonal work. Private employers did add 71,000 jobs but it was below expectations of 87,000. This in turn helped mortgage bonds and therefore mortgage rates improve this morning.

Current rates:
30 Year Fixed:   4.125 %
15 Year Fixed:   3.75 %
FHA 30 Year:   4.25 %
VA 30 Year:   4.375 %
5 Yr ARM: 3.25 %
Jumbo 30 Year Fixed:   5.25 %
Jumbo 3 Yr ARM:   3.75 %
30 Year Home Equity:   4.375 %

The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amount

John™s team helps Austin area buyers plan their mortgage future. Check out his Austin mortgage blog.

Garreth Wilcock is a Central Austin Realtor ®. You can search Austin homes for sale at his website.