Can Lenders Request More Information?

 

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.

6 Required Pieces of Information

 

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.

Purchasing Vs Renting A Home

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.

Calculating Your Asking Price

 

The best answer is get help from a real estate professional. But, if you only have a few minutes for a video, here are five points to consider.

1. Start With Measurement Learn the average per-square-foot price for recent sales in your neighborhood. That will not set your final price, but it is a baseline buyers will use.

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.

4. Consider All Terms Price isnt all there is to a sale. Can you close faster? Finance or lease-option the sale yourself? Cover some closing costs? Your flexibility can make sales leverage.

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.

The Impact of Higher Interest Rates

Interest-Rate

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.

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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.

PARK GROVE FLOOR PLAN

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.

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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.

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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

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Contact me For more info about Park Grove and any other projects / new constructions in Miami or South Florida Business card

400 Sunny Isles – Lifestyle

ARCHITECTURE AND DESIGN

. – Designed by renowned Architect Chad Oppenheim

. – Working drawings by Architect of Record Kobi Karp

. – A waterfront haven, stretching an expansive 640 feet directly on Biscayne Bay

. – Two impressive 20-story glass towers with a total of 230 units, each with direct bay, ocean, and park views

. – An open-air arrival courtyard designed by Urbanica Group boasting exotic woods, greenery and serene water features

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SERVICES

. – Full-time concierge

. – 24-hour complimentary valet parking

. – 24-hour attended and camera-monitored security in select areas powered by the latest surveillance equipment

. – Business center and multi-purpose media and meeting room

. – Party and entertainment areas

. – Secure undercover garage with assigned parking

. – Bike and Jet Ski storage available

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BOATING

. – Private marina with dry and wet dock slips available

. – Marina fully-equipped and serviced with special marine concierge program

. – Immediate access to the Intracoastal Waterway with Atlantic Ocean access just minutes away

. – Fractional yacht ownership offered

. – Boat rentals available

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LUXURY SPA AND REJUVENATION CENTER

. – Co-ed and private spa with saunas, steam room, and Jacuzzis with distinct temperatures in a relaxing waterfall atmosphere

. – A unique Rejuvenation Center offering the latest techniques in relaxation and beauty treatments available

. – Bay front, state-of-the-art fitness center with aerobic/yoga room, offering the latest in both traditional and cutting-edge exercise equipment

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BAYFRONT LOUNGE AREA

. – The Sandbox, a proposed yacht and beach-style club bistro with a relaxed lounge atmosphere overlooking the bay and marina

 

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I’m a local Real Estate Agent in Miami, I’ve been very successful in finding the right property for my buyers and getting homes sold . Let’s talk as soon as possible, you can reach me at 786.554.8063 or send me an emailGeorge@GeorgeAssal.com you can also visit http://www.GeorgeAssal.co