The Consumer Financial Protection Bureau announced on Wednesday a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until Oct. 1.
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May new home sales gain 2.2% from April
Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. — From Housing Wire
3 ways to tame student loan debt and afford a mortgage
It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it? The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI. — From Bankrate
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At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.
CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”
Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.
We’re working hard to be ready for all changes!
Active Home-Building Industry Will Lead to More Demand for Warehouse Space
Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online
To Buy or Not to Buy: That Is the Developer’s Question
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We all need a place to live, to call home, to grow your family, but many families do not know if they are able to qualify for a Mortgage loan, or afraid, and in the mean time low interest rates and affordable home prices are still available, and not only that but programs like VHDA helping families with down payment are making the process of buying a home even easier than ever!!, Don’t miss this opportunity and give us a call, find out if you are eligible to get up to 3% for your down payment, this is FREE MONEY! a lot of people are making their Dreams come true now, like Lisbeth M. who just got they keys of her First Home 🙂
Call a RE SMART Agent today 703-361-5100
So, is that time of the year again, Tax Season! what do you plan to do with your money?
How about Buying a home? probably the best investment you can have, why? How about Pride of Ownership: this means you can paint the walls any color you desire, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It’s making an investment in your future.
Then we have Appreciation: Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated.
The Office of Federal Housing Enterprise Oversight tracks the movements of single family home values across the country. Its House Price Index breaks down the changes by region and metropolitan area. Many people view their home investment as a hedge against inflation.
There are also Mortgage Interest Deductions: Home ownership is a superb tax shelter and our tax rates favor homeowners. As long as your mortgage balance is smaller than the price of your home, mortgage interest is fully deductible on your tax return. Interest is the largest component of your mortgage payment. You can also have Property Tax Deductions : Real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes!
Don’t waste your money, Act Now Call a RE/SMART Agent today and Use your money wisely!
Call 703-361-5100
Great Townhouse
4 Levels
3 Bedrooms
3.5 Baths
Den/Office
2 Car garage
Balcony
Only 2 blocks to courthouse Metro! Walk to Trader Joe’s and whole foods, Restaurants and Shopping!
Call For more info 703-499-2914
Another Year is over, we Start 2016 with New Resolutions about our health, Family, Habits, Education, etc, but some times we missed on other ones that does not seem to be important but rather just wishes!
Lets make a New Resolution for this Year, Be a Homeowner! put it in your list of resolutions, I am here to help you with all the steps, I work with a group of professionals: lenders, Attorneys, Inspectors that will facilitate the whole process.
Don’t waste your money in rent anymore, there are lots of benefits for homeowners, prices are still low and so are interest rates, and not to mention the Grant for $5,000 or the No Money Down Programs! What are you waiting for?
lets make this a great year and to all of you that were part of my life in 2015, THANK YOU!
Mabel 703-499-2914
According to the Chicago Tribune, Not That Much! ” ..If the economy continues to behave as the majority of economists expect and if Federal Reserve Chair Janet Yellen keeps sending the message she’s in no rush to raise rates and plans a gentle path of increases, said former Federal Reserve governor and current University of Chicago Booth School of Business professor Randall Kroszner. Interest rates on mortgages are not determined directly by the Federal Reserve, but are influenced by expectations about the economy and the future of interest rates. Currently, the economy is growing modestly, Kroszner said.
If you want to see where mortgages are going, keep an eye on U.S. Treasury bond yields. When those yields are going up, it means optimism about the economy or expectations of rising inflation. Mortgages will follow the same path. But U.S. Treasury rates, and mortgage rates, could go down if investors start worrying that the U.S. economy is slowing. Some analysts such as Doubleline bond fund manager Jeffrey Gundlach are concerned rate increases by the Fed could slow the economy.
With continued moderate economic growth, economist Lawrence Yun, of the National Association of Realtors, said a 30-year mortgage may go to 4.5 percent, “and at the most 5 percent by the end of next year.” At the end of last week, Freddie Mac‘s survey of mortgage lenders showed the average rate on a 30-year mortgage at 3.95 percent. On a $200,000 mortgage, a rise in rates to 4.5 percent could mean monthly payments of $1,013 versus $954 at 4 percent.
Is your adjustable-rate mortgage going to sting?
Yes. “Be wary,” said McBride. Often adjustable-rate mortgages can be reset at a higher rate once a year, and because it’s once for a full year, the increases “come in spurts, not drips and drabs.” In other words, multiple Fed interest rate increases next year could be blended into one big increase on your mortgage. This is different than credit cards, which will raise interest rates just a little each time the Fed acts. On a $200,000 home that could mean paying about $100 more a month, said McBride.
Have you been having trouble getting a mortgage?
Since many analysts see the Fed’s decision to raise rates as a vote of confidence in the economy, that can be good for people who want to borrow money. If lenders were reluctant to lend in the past because they wondered if they’d get repaid, “they may ease up a little now” and grant loans they wouldn’t in the past, said Rowe. The assumption will be if conditions are better — if people are getting jobs and raises — there’s less risk lending people money. FICO scores, which now have to be almost perfect to qualify for loans, could become acceptable if a little less perfect.
Do you borrow on your home?
Home equity loans typically are pegged to the prime rate, which will climb along with the Fed’s changes in rates, said McBride. He predicts you will see your interest rate climb within one to two billing cycles.”
Congratulations to these wonderful buyers, they worked so hard to make their dream come true, from the moment they arrived to the house they fell in love with it, and I would like to share part of their nice letter to the sellers:
..”After searching homes for the past 3 to 4 months, there was not one that put our hearts at rest that we had peace about. None of them felt like home and we didn’t find them being what we wanted.
The moment I pulled to the house and parked my car in the driveway, I saw the sign saying “I’m gorgeous Inside” I felt like that home was talking to me. I personally don’t like to judge by what things or people look on the outside, I am not saying something is wrong with the outside because I think the house looks cute. But Sure enough, the moment I stepped into the house I fell in love with everything I saw.
A little about myself , I am six almost seven months, pregnant and the dream of having a home that I can start a family in finally started becoming so alive. Every room, every corner I turned, the back yard, the fence, the basement, the fireplace, the kitchen just brought such a smile and joy to our hearts. This house somehow met all the unique needs we had, even he ones we had given up on, and oh that kitchen!
Lastly, I would like to say Thank you for all the work you put into this house. This Home Won my Heart, and I will take good care of it. This Home is my First Home and will always be home for us and our Future Kids”….
I enjoy very much working with first time home buyers, I find that they need a lot of help with all the process but thei smiles and excitement when they finally get the keys of their home is Priceless! Congratulations to this beautiful couple for making their dream come true!
RE/SMART
