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.
grove
Calculating Your Asking Price
Sales Dropped last month …
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.
Bottom Line
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 .
The Impact of Higher Interest Rates
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.
In Conclusion
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
Park Grove in Coconut Grove.
Park Grove in Coconut Grove.
Most ambitious architecture/project to date
The New Park Grove Condo Project is selling quickly; this luxury condo project is located in Coconut Grove more specific in the middle of a newly developed waterfront park. The condo project has 3 towers with great investment values.
Designed by OMA and rem KOOLHAAS, the striking towers of PARK GROVE set a new architectural standard in the quiet seaside enclave of Coconut Grove.
Park Grove Residences will blow everyone expectations with their high-end waterfront project. With amenities that will take you to the next level and to better your experience, The Park grove Condo offers pools, fitness, yoga, a private chef, yes a private chef and much more.
As the first Luxury Condo in Coconut Grove to be built after Grove at Grand Bay, makes this project most ambitious architecture/project to date
Contact me For more info about Park Grove and any other projects / new constructions in Miami or South Florida 
Real Estate Market Report | January – June 2014
Investing in South Florida Real Estate? Here is all the information you need as Comparative Review of the Real Estate Market in South Florida. If you are undecided but interested in Investing South Florida real Estate and might already know that is time to buy, contact me immediately I will guide you to the right direction
Click here to view the Real Estate Market Report | January – June 2014
GROVE AT GRAND BAY
If there were one place you could live the rest of your life, what would it feel like? Where would it be?
At the edge of Biscayne Bay, discover a restorative retreat for the mind, healthful activities for the body, and elegant spaces for social connection. Find life at home as it should be, naturally in balance.
Owners of Grove at Grand Bay’s 97 elegant residences will enjoy exceptional features, services and amenities
Grove at Grand Bay has been conceived as a community that speaks to people who seek a home and community that reflects the luxury of well lived. Its setting on the Biscayne Bay waterfront within the elegant Coconut Grove neighborhood of Miami, is a place of privilege, natural beauty, and historic importance.
The developer of Grove at Grand Bay, Terra Group, retained two of the world’s most imaginative and accomplished design firms to create a residential community that embraces and enhances the natural sophistication of this unique setting. BIG Architects has designed the residences and amenity spaces, and Raymond Jungles has designed the property’s landscaping. The expertise of the architectural firm of Nichols, Brosch, Wrust, Wolfe + Associates will ensure faithful implementation of these designs.
Just minutes from the elegant streets of Coconut Grove, Miami’s finest restaurateurs, elite sporting venues and events, and renowned cultural institutions offers pleasure and excitement.
Ancient trees line the streets of Coconut Grove, their canopies gently filtering the sun, their deep roots holding the stories of Miami’s most historic neighborhood. The Vizcaya Museum & Gardens and the Barnacle Historic State Park are reminders of this community’s enduring elegance.
If you are considering listing your Brickell, Coconut Grove, Coral Gables, Pinecrest, Palmetto Bay, Doral, Miami Shores, Miami property for sale please don’t hesitate to contact me. The market is changing and I would be happy to discuss the current value of your home with you. I can be reached on my cell at 786.554.8063
Shopping for a Real Estate Agent? Thinking of Selling/Buying?
Contact me
George R. Assal| Realtor–Associate® | BBF Member | Property Manager |
REO & Short Sale Specialist
English- Español EWM Realtors® | A Home Services of America Company |
An Affiliate of Berkshire Hathaway
C: 786.554.8063|O: 305.329.7635|F: 888.240.5507| george@georgeassal.com |www.georgeassal.com
Grove at Grand Bay
Grove at Grand Bay Coconut Grove address located at
2669 S. Bayshore Dr., Coconut Grove, Fl. 33133
About Grove at Grand Bay Coconut Grove
Year Built:
Number of Floors: 20
Number of condos: 96
Sq. Ft. range: 1,297 – 5,723
Beds: 2-5
Baths: 2-5
Grove at Grand Bay Amenities:
– Gated community
– 24 hr Security
– Concierge
– State of the art Gym
– Well appointed lobby
– Private and exclusive pool
Grove at Grand Bay Coconut Grove
Grove at Grand Bay luxury condos will be a condominium located in the heart of Coconut Grove, FL. A private and exclusive condo tower with only 96 total residences. Grove at Grand Bay Coconut Grove Miami is close to many stunning historic sites and ocean front parks like Monty’s, Dinner Key Marina, Fresh Market, Merrick Park, Sunset Place. It’s also within walking distance to the best public and private schools in Miami-Dade; just minutes away from Mercy Hospital, Grove Sailboat Club, Coral Reef Yacht Club, Monty’s Trainers Marina and Grove Key Marina. Grove at Grand Bay Coconut Grove is located right of 2669 S. Bayshore Dr. in Miami.
Map Location for Grove at Grand Bay Coconut Grove
The ASSAL Team 