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.
Things to consider when buying a home.
- 4 REASONS TO BUY A HOME NOW!
- YOU NEED A PROFESSIONAL WHEN BUYING A HOME
- HOME PRICES OVER THE LAST YEAR
- BUYING A HOME? CONSIDER COST NOT JUST PRICE
- WHERE ARE MORTGAGE INTEREST RATES HEADED?
- SHOULD I PAY A MORTGAGE INTEREST RATE OVER 4%?
- WHAT DO YOU REALLY NEED TO QUALIFY FOR A MORTGAGE?
- WHAT YOU NEED TO KNOW ABOUT THE MORTGAGE PROCESS
- GETTING A MORTGAGE: WHY SO MUCH PAPERWORK?
- 217,726 REASONS TO BUY A HOME NOW
- THE REAL REASONS AMERICANS BUY A HOME
- RISING HOME PRICES & FAMILY WEALTH
- 5 REASONS TO HIRE A REAL ESTATE PROFESSIONAL
- REAL ESTATE AGAIN SEEN AS BEST INVESTMENT
- 4 DEMANDS TO MAKE ON YOUR REAL ESTATE AGENT
- WHEN IS IT A GOOD TIME TO RENT? DEFINITELY NOT NOW!
- THE COST OF RENTING VS. BUYING [INFO-GRAPHIC]
- HARVARD: 5 FINANCIAL REASONS TO BUY A HOME
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The recent talk of Greece and its financial challenges has some questioning whether the U.S. could also return to the crisis we experienced in 2008. Some are looking at the rise in real estate values and wondering whether we are in the middle of another housing price bubble.
What actually is a price bubble?
Here is the definition according to Jack M. Guttentag, Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania:
“A price bubble is a rise in price based on the expectation that the price will rise. Sooner or later something happens to erode confidence in continued price increases, at which point the bubble bursts and prices drop. What makes it a price bubble is that the cause of the price increase is an expectation that the price will increase, which sooner or later must reverse itself.”
Does Professor Guttentag believe we are in another housing bubble?
In a recent article, he explained:
“My view is that we are a long way from another house price bubble. Home buyers, lenders, investors and regulators now understand that a nationwide decline in house prices is possible — because we recently lived through one.”
What are home prices doing?
Though home values are continuing to appreciate, the acceleration of the increases has slowed to year-over-year numbers which reflect a healthy housing market. Here is a chart showing year-over-year appreciation since January of last year:
We can see that appreciation rates have dropped from double digit numbers to more normal rates of 5% or lower.
We think Nick Timiraos of the Wall Street Journal put it best in a recent tweet:
“Predictions of a new national home price bubble look unfounded for now, according to data.”
Interested in selling your home or looking to buy one, give us a call today at 786.554.8063 or send us an email at email@example.com. We will look forward to hearing from you!