Can Creditors Collect Information Beyond The 6 Required Pieces? In addition to the required pieces – Name Income Social Security Number Property Address Estimated Property Value and Mortgage Amount sought – a creditor may collect whatever additional information they deem necessary. However, as soon as you have provided the 6 required pieces, the creditor has 3 business days to provide a Loan Estimate for approved loans.
What 6 Pieces of Information Make A TRID Loan Application? Submitting these 6 pieces of information – Name Income Social Security Number Property Address Estimated Value of Property and Mortgage Loan Amount sought – constitutes a valid loan application under the TRID rule. You may apply and submit these in writing OR in oral form; a live conversation, or a phone call, backed by a written record of the conversation is a legitimate application. Once these 6 pieces of information are submitted a creditor MUST supply a Loan Estimate for approved loans within 3 business days.
2. Get Comparisons Ask for Comparative Market Analysis – comps – from several agents. Go through each comp with each agent to understand both competitive homes on the market AND each agents potential approach to yours.
3. Market Research. Do your own! – not just online, but in person. That will help you understand your market conditions and the buyers perspective realistically. Markets get hot and cold, up and down, and yours defines the sales envelope for your home.
5. It is Not Personal. The hardest tip of all. Most people are emotional about their home. Pricing, in the long run, is going to logical. Theyre buying your house,not your home & memories. Find a real estate professional you like and trustand let them help you through the process.
On December 22nd 2015, the National Association of Realtors (NAR) released their latest Existing Home Sales Report which covered sales in November. The report revealed that sales:
“…fell 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million)…”
That revelation gave birth to a series of industry articles, some of which quoted pundits questioning whether the housing market was slowing. In actuality, there is one rather simple explanation to much of the falloff in sales last month. It is likely the implementation of the “Know Before You Owe” mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which went into effect on October 3. These regulations caused house closings to be delayed by an extra three days in November as shown in the graph below.
Three days might sound like a minimal difference. However, since there are only approximately 20 days in a month that a closing would normally take place (Mondays through Fridays), losing three days constitutes well over 10% of all closings. These sales are not lost. They are just moved into the next month’s numbers. In a DS News article on the subject also posted on December 22nd, Auction.com EVP Rick Sharga explained:
“The most likely cause for the weak sales numbers is a delay in processing loans due to the new TRID mortgage requirements imposed by the CFPB. This is the biggest change in mortgage document processing in many years, and there have been numerous reports within the industry of problems implementing the process and the new documentation that comes with it.”
So how is the housing market actually doing?
A better way to look at how well the housing market is doing is to look at the Foot Traffic Report from NAR which quantifies the number of prospective buyers that are actively looking for a home at the current time:
We can see immediately that demand to buy single family homes is increasing over the last few months – not decreasing.
No matter what last month’s sales numbers show, the housing market is still doing well as demand remains strong.
Call 786.554.8063 or email us George@GeorgeAssal.com, WE are here to facilitate and help you during the process of buying, selling, or renting any real estate needs, which will result in reaching your financial goals quickly and with ease, visit our page www.GeorgeAssal.com .
As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not about price but instead about the ‘long term cost’ of the home.
The Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac all projected that mortgage interest rates will increase by about three-quarters of a percentage point over the next twelve months.
According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next 12 months.
What Does This Mean as a Buyer?
Here is a simple demonstration of what impact an interest rate increase would have on the mortgage payment of a home selling for approximately $250,000 today if home prices appreciate by the 5.2% predicted by CoreLogic over the next twelve months:
Call 786.554.8063 or email us George@GeorgeAssal.com, WE are here to facilitate and help you during the process of buying, selling, or renting any real estate needs, which will result in reaching your financial goals quickly and with ease, visit our page www.GeorgeAssal.com
Doral is a city located in north-central Miami-Dade County, Florida, United States. An industrial and suburban mixed neighborhood of Miami, it lies North-West of Miami International Airport. It takes its name from the Doral Golf Resort & Spa located within its municipal boundaries. Originally built by Doris and Alfred Kaskel, who coined “Doral” by combining their first names, who dredged the swamp to build, in 1962, the Doral Hotel and Country Club, (now Donald Trump’s Trump National Doral) a wildly popular wealthy golfer retreat and sibling hotel to the Doral Beach Resort in Miami Beach. The city of Doral is also known as Doralzuela due to the city’s large and affluent Venezuelan community. Doral has a large number of shops, financial institutions and businesses, especially importers and exporters, primarily because of its proximity to the Miami International Airport. In 2008, Fortune Small Business and CNN Money ranked Doral as 51 on a list of 100 cities with the best mix of business advantages and lifestyle appeal.
By the early 1980s, Doral started to experience the first spurts of growth when Alfred’s and Doris’ grandson Bill developed Doral Estates that was followed by a joint venture with Lennar Homes to build Doral Park. Both communities were named after the Hotel, a trend that was to be repeated many more times. Younger families started flooding the area but had to travel to purchase even the most basic essentials, because there were no stores, schools, or parks. Although the majority of the original homes were investment properties or second homes, the early fulltime residents believed that the quality of life and the low housing costs far exceeded the lack of amenities and started coming together as a community.
In 2002, the Governor appointed Cancio to fill the remainder of Commissioner Miriam Alonso’s term of office. Doral residents hoped that his appointment would be the impetus to bring the community closer to incorporation, and Cancio did not let his community down. In the meantime, Cancio named Juan Carlos Bermudez, the City of Doral’s first elected Mayor, as his replacement to the Community Council. Bermudez declined the offer and ran for the seat and was elected. At the time, Bermudez was president of One Doral, a civic organization formed to counteract the perceived influence of the West Dade Federation on the Council. One Doral and the West Dade Federation were instrumental in the incorporation process.
In January 2003, following a seven-year battle, 85% of the voters in Doral voted in favor of incorporation. At long last, they had their own new city with a local government and more service for their tax dollars. In June of the same year, 92% voted to accept the City Charter and elected their first Mayor and City Council.
The City of Doral has come a very long way in a very short time and is attracting positive attention from Fortune 100 corporations, mom-and-pop businesses, young families and retirees.
Interested in Selling, Buying, Renting a home/townhouse in Doral? Call me 786.554.8063; I can help, because working with someone who knows the numbers and area is crucial.