Home Buyers - October 1, 2015 - Mortgage Changes
Thought mortgage loans were hard to get? They still are... but it's not impossible with proper planning. First Story Real Estate Agents are prepared for new mortgage regulations. We start the home buying process by getting to know our home-buyers - what you need, what you want, what you can afford and how fast you need it.
On October 1, 2016 more regulations are coming down from the Government that will affect the speed of your closing. It is a date most agents and lenders are dreading - but we are prepared! These regulations are ultimately designed for your protection.. but often are the source of a lot of angst when it comes down to the week before closing. (The long version of the changes.) Agents at First Story are prepared to have your transaction documents to your lender in order for your closing to proceed without extra days being added to your closing process. We don't want you sitting in a moving van only to be told you must wait another three days to close and move into your home! No closing delays!
So how do we prevent these closing delays? Watch this short video to learn more about the TILA-RESPA Integrated Disclosure rule. Specifically this video covers what home buyers can expect with their transaction come October 3, how the new regulations are designed to make it easier for home buyers to understand the terms of a mortgage loan, compare loans from different lenders and more. ( Credit: Taylor Stafford, Stewart Title, Jacksonville who sent me this great update! ~ Debbie)
For your one on one home-buying or home-selling consultation with a First Story Real Estate Agent CLICK HERE
The First Step is A Buyer Consultation. On the phone or in person, prepare for a lot of questions and answers! The more we know now, the less time we waste and the faster we locate the perfect home. Your home-buyer orientation will include a comprehensive explanation of what you need to gather for your mortgage qualification as well as an explanation of the loan to closing process that just got harder, and longer. Being prepared before making an offer on a home is critical to your success of closing on time.
With the new regulations staring soon, beginning your search in enough time to pre-qualify for a loan, view and find the home of your dreams, make offers and counter offers to negotiate with a seller, and then get inspections and repairs done, and acquire adequate and required insurance is a process that just got a bit longer. Generally we recommend you begin your home buying process 4 - 6 months ahead of time, longer if you are looking for a very hard to find, unique property. We are not in a rush, but we want to get it right!
Are you ready for a buyer consultation? Contact us for a home-buying learning experience.