Author Archives: Site Administrator
How Should I Prepare For Internet Showing?
Today, your first “showing” will be on the Internet – you’re watching this on the Internet, right? Your price, listing description and PHOTOS determine whether someone will visit in person. Consider professional staging advice or help. Prep for photos and video just as carefully as real visits. Ask your realtor if they use a professional photographer If they… Read More »
Title Insurance Explained Visually
What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format your home purchase takes)? Doesn’t the attorney or settlement company handling the closing see to it that you have a clear title? Isn’t this just another way for someone to siphon a few coins off… Read More »
Closing Costs Explained Visually
Purchasing a home is exciting. Once escrow begins, the excitement can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate. Closing costs simply refer to the fees associated with various things associated with the escrow process in a real estate transaction. In the excitement of having an offer accepted for your dream… Read More »
What Is “Prime”?
The Prime Lending Rate – sometimes just called “Prime” – is the interest rate that banks charge each other for overnight loans. Some consumer rates – like ARMs – are set in relation to Prime. In the US, Prime is affected by the Federal Reserve lending rate to banks; historically, Prime is about 3… Read More »
What Are Real Estate Commissions?
Like the video says – real estate agents aren’t paid by the hour!They’re paid a percentage of the purchase price in a successful real estate transaction. When one agent represents the sellers and another represents the buyers the commission is typically split between them. In the US, real estate commissions are commonly 6% of… Read More »
What Is Equity?
Equity is the value YOU own in property such as a house. It’s the difference between what’s OWED and what the property is WORTH in the current market. The example this video shows – you have a house worth $300,000 today and you owe the bank $200,000. Your equity would be $100,000. If the… Read More »
What Do Lenders Have To Tell You About Your Real Estate Loan?
Federal “disclosure” forms define the information that creditor businesses MUST provide to consumers applying for real estate loans. As of Oct 1, 2015 lenders must provide TWO New “TRID” disclosure forms. for the most common kinds of real estate loans First, the Loan Estimate, which covers the key features, costs and risks of a… Read More »
What Kinds Of Loans Do TRID Disclosures Cover?
TRID rules apply to MOST consumer credit transactions secured by real property. These include mortgages, refinancing, construction-only loans closed-end home-equity loans, and loans secured by vacant land or by 25 or more acres. The rule does NOT apply to Home Equity Line of Credit transactions reverse mortgages mortgages secured by a mobile home or… Read More »
What Disclosures Are Used For Loans Not Covered By TRID?
Creditors must continue to use the Good Faith Estimate, Truth-In-Lending Disclosure and the HUD-1 form for reverse mortgages, HELOCs, mobile home or other non-attached dwelling loans and others NOT covered by TRID. Housing assistance loans for low- and moderate-income consumers are partially exempt from TRID disclosures, and have specific rules. Creditors are not required… Read More »
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 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… Read More »
