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.
Like the guy in the video says, the two do not really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity take advantage of tax benefits and protect yourself against rent increases.Also, you may be at the mercy of the landlord for housing. Owning a home has many benefits. When you make a mortgage payment, you are building equity increasing YOUR net worth. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities like insurance, real estate taxes, and upkeep which can be substantial. But given the freedom, stability, and security of owning your own home they are worth it.
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.
As you will see in this video, real estate marketplaces are generally most active in summer because families with children want to move in before school starts. So more homes are typically available in summer as well. But buyers and sellers tend to balance out in other seasons, too especially in todays tight market. There may be fewer buyers in late December but usually fewer homes, too. So, prices tend to rise or fall on general demand in that market rather than time of year. It is best to sell when you & your house are ready to sell. Start working with a real estate professional as early as possible to make the most of your sale in any season.
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 .
Last week, an article in the Washington Post discussed a new ‘threat’ homebuyers will soon be facing: higher mortgage rates. The article revealed:
“The Mortgage Bankers Association expects that rates on 30-year loans could reach 4.8 percent by the end of next year, topping 5 percent in 2017. Rates haven’t been that high since the recession.”
How can this impact the housing market?
The article reported that recent analysis from Realtor.com found that –
“…as many as 7% of people who applied for a mortgage during the first half of the year would have had trouble qualifying if rates rose by half a percentage point.”
This doesn’t necessarily mean that those buyers negatively impacted by a rate increase would not purchase a home. However, it would mean that they would either need to come up with substantially more cash for a down payment or settle for a lesser priced home.
Below is a table showing how a jump in mortgage interest rates would impact the purchasing power of a prospective buyer on a $300,000 home.
If you are considering a home purchase (either as a first time buyer or move-up buyer), purchasing sooner rather than later may make more sense from a pure financial outlook.
Tired of being a tenant? thinking of selling your home?, looking to upgrade? 1st time buyer(s)? buying your dream home? Call us 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
We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form.
Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.
There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.
The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage. During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again
The banks don’t want to be in the real estate business. Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.
However, there is some good news in the situation. The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate probably at or below 4%.
The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of <4%, they would probably bend over backwards to make the process much easier.
Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.
Tired of renting and/or being a Tenant(s)? Thinking of selling your home?, looking to upgrade?, First Time buyer(s)? Buying your dream home this year? Call us, you know you can count on our help every step of the way while reaching your goal faster, easier and with a smile on your face. 📞786.554.8063 📧George@GeorgeAssal.com 💻 www.GeorgeAssal.com
Most of the time, when I recommend looking at places in Silver Bluff to my customers, I’m met with a blank stare. A little known area right outside Coral Gables off Coral Way (zip code 33133 & 33145), Silver Bluff is one of the best and most affordable residential neighborhoods in the city. Often grouped in with the Gables, Brickell Hammocks or The Roads, there are few “secrets” in the Miami real estate market, and this is most certainly one of them.
As I mentioned in my last post, I would never sell a house I wouldn’t live in, and just as importantly, I would never sell a house in a neighborhood I wouldn’t live in either. So that would be why Silver Bluff comes so highly recommended by me—I live there! Therefore you have a relator’s stamp of approval of the area, and let me tell you a few reasons why…
- Proximity: Silver Bluff is close to everything in Miami. Only 5-7 minutes to Coconut Grove, 10-15 minutes to Brickell and Coral Gables and 15-20 minutes to South Beach.
- Safety: The area has a low crime rating.
- Neighborhood: Silver Bluff is known as being a calm, residential area with lots of trees, ample parking and families. Relationships with neighbors are important here, and there is a real sense of community.
- Investment: Buying a house here is a good investment with growing property values, and a much lower selling price than other areas in Miami. This is a great place for a first investment or first home because you get a lot of bang for your buck. Being so close to so many desirable areas in the city, there is only room to grow.
- Schools: There are three schools in the area, and the Silver Bluff Elementary School is graded “A”—perfect for all the families in the area.
If the above still hasn’t convinced you and you would like to check out the neighborhood yourself, I’ll let you in on a few local Silver Bluff “secrets”:
For wine lovers, Xixón Cafe , hip & modern Spanish eatery with multiple levels including dining room, wine cellar & bakery/deli, located on 21st and Coral Way, El Carajo is a must. Hidden away inside the BP gas station on 17th Ave and US1, they serve Spanish tapas and have an amazing bakery. At the Mighty Gastropub on Coral Way and 22nd Ave, they serve craft beer, sausages with an ambiance you can’t beat. Daily Bread Marketplace, boasts some of Miami’s best Mediterranean Food, and is located on 24 Ave and 27th St. And if you’re looking a twist on a Latin classic, Casabe 305 offers an incredible fare of Caribbean-Venezuelan Fusion and is located on Coral Way and 17th Ave.
So whether as a place to grab a great bite, an investment, a first home to raise your family or just as someone seeking refuge from the city and its high rent, Silver Bluff is a fantastic option. In fact, if you are interested in taking a look, I would be more than happy to meet you at any of our local spots and discuss your options and the places currently available.
My goal is to help you, even if we aren’t in direct contact, and I’d love to hear from you with any questions.
Interested in Selling, Buying, Renting, Investing in Brickell, Downtown, Coconut Grove, Coral Gables, Silver Bluff, Doral and surrounding areas? Call me 786.554.8063 or email me George@GeorgeAssal.com, I can help, because working with someone who knows the numbers and area is crucial.
As the Real Estate market continues to build up in South Florida, Coral Gables luxury homes and condominiums properties are getting listed for sale at more than $1M, the highest number of 2014 sales was in June, representing a 21.4% increase over May and an incredible 278% increase when compared to January. When it comes to luxury real estate sales in South Florida, summer is anything but slow season, maybe not especially when prices increased alongside the number of properties sold.
The average price per square foot for a property sold in June was $476, up $13 from May and a full $85 per square foot from January. In fact, 55 properties were sold or under contract for sale in June, representing over 25% of the entire available inventory.
Two projects are currently in pre-sale in Coral Gables:
-Merrick Manor, a 10-story, 180-unit development located adjacent to the famous Village of Merrick Park.
-Antilla Coral Gables, a 5-story, 45-unit project located in the northeastern corner of Coral Gables.
(If you need more info regarding either of this projects please contact me directly as I have direct communication with the developers)
For those that don’t know, Coral Gables is one of the nation’s earliest planned communities with a centralized business district, and is home to the iconic Biltmore hotel, one of only three national landmarks in Miami-Dade County. Coral Gables also has world-class shopping along Miracle Mile and the Village of Merrick Park, a diverse spectrum of art galleries, theaters and lots of fine dining establishments.
As a result, Coral Gables will continue to have in-demand properties that sell for a premium and should remain a sound investment.
Contact me for more info