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.
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
Here is what you should consider when selling your house:
- 5 REASONS TO SELL NOW
- HOW TO GET THE MOST MONEY FROM THE SALE OF YOUR HOME
- DON’T WAIT! MOVE UP TO THE HOUSE YOU ALWAYS WANTED
- THE IMPORTANCE OF USING AN AGENT WHEN SELLING YOUR HOME
- 5 DEMANDS TO MAKE ON YOUR REAL ESTATE AGENT
- HOME PRICES OVER THE LAST YEAR
- THE IMPACT OF RISING PRICES ON HOME APPRAISALS
- 5 REASONS YOU SHOULDN’T FOR SALE BY OWNER (FSBO)
- HOME EQUITY: YOU MAY HAVE MORE THAN YOU THINK?
- BABY BOOMERS FINDING FREEDOM IN RETIREMENT
- WHERE ARE MORTGAGE INTEREST RATES HEADED?
- HOW WILL MORTGAGE RATE HIKES IMPACT HOME SALES?
- TWO THINGS YOU DON’T NEED TO HEAR FROM YOUR LISTING AGENT (US)
- FSBO’s MUST BE READY TO NEGOTIATE
- FANNIE MAE AGREES: HIRE A PRO (US) TO SELL
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