#Mortgage rates remain low for home purchasing in the Spring

http://ht.ly/LKqgl

Purchasing a home - changes coming August 1, 2015 with loan disclosures

The Good Faith Estimate and the HUD-1 settlement statement will go away on most closed-end consumer purpose loans secured by residential real estate. These documents will be replaced by the “Loan Estimate” and the “Closing Disclosure.” These new documents are referred to as the TILA-RESPA Integrated Disclosures (TRID for short). The purpose of these changes is to improve the mortgage loan settlement process for consumers. They are being implemented by regulations issued by the Consumer Financial Protection Bureau (CFPB), a federal government agency set up to look out for the interests of consumers seeking financial services. WHY? The reason for the change is two-fold: 1) to provide the consumer with simpler forms to explain the loan transaction and 2) deliver the forms in a manner that gives the consumer time to review that will lessen last minute “surprises” during the settlement (consummation). How will this affect my settlement? For purchasers, it will be important that you work closely with your lender regarding approval of the loan and coordination of final walk-through with the realtor. Some contracts may increase from a 30 day requirement to settle to a 45 day requirement to settle which means move-outs, subsequent settlements and other relocation tasks may need to be adjusted to ensure a seamless transition into your new home. For consumers refinancing, you will need to ensure any loan changes such as adjusting the loan amount or changing loan products is discussed in advance with the lender to avoid re-disclosure of the Closing Disclosure once issued.

#Real Estate News#Montgomery County#Maryland

Interest rates falling for four straight weeks early this year, prospective home buyers had an easier time purchasing new homes. Low rates also prompted a spike in refinance applications from many Americans pursuing lower monthly payments, which will help free up extra cash to spend or save. According to the Mortgage Bankers Association (MBA), purchase applications are 3 percent higher than a year ago, with most of the gains coming from Federal Housing Administration (FHA) financing. Government-insured FHA loans provide low down payment and rate options and are typically sought after by first-time buyers. A strong January Jobs Report also showed Non-farm Payrolls growing, and that many Americans have returned to the job search pool. Builders Optimistic for Spring Construction on new homes continues to grow; even though January's numbers slipped slightly from December, they were up nineteen percent from a year ago. Builders began construction on 1.01 million new houses and apartments in 2014, the most in nine years and 8.8 percent more than in 2013, according to a January CoreLogic report. At the end of December, builders had 218,000 homes listed for sale that were either under construction or completed, 17.2 percent up from a year earlier, according to Commerce Department data released in early January. The data indicated that builders are optimistic about the upcoming spring housing season, which can be seen from their commitment to building speculative, or "spec" homes. Spec homes are newly constructed homes built in the anticipation of buyers to sign purchase contracts. According to a realtor.com report, last year's total at 435,000 for new-home sales was an increase of only 1.4 percent from the 2013 total, and stands at roughly 58 percent of the annual average since 2000. The spring selling season typically starts after the Super Bowl and hits its stride around March and April. The Bottom Line Low rates, new homes and demand for first-time home loans make this an exciting time for the Spring market.

#Interest rates stay the same - time to buy or sell

http://www.washingtonpost.com/blogs/wonkblog/wp/2015/01/28/federal-reserve-leaves-interest-rates-unchanged/

Buying Real Estate after a distressed sale - #You can buy Real Estate sooner than you think.

https://magic.piktochart.com/output/3746819-returning-buyers-foreclosure?sf7152069=1

Maryland Real Estate by Pamela DuBois: #First time home buyer - Obama making it easier

Maryland Real Estate by Pamela DuBois: #First time home buyer - Obama making it easier: http://rismedia.com/2015-01-08/obama-plan-makes-it-easier-for-younger-first-time-homebuyers/?utm_source=newsletter&utm_medium=email&...

#First time home buyer - Obama making it easier

http://rismedia.com/2015-01-08/obama-plan-makes-it-easier-for-younger-first-time-homebuyers/?utm_source=newsletter&utm_medium=email&utm_campaign=eNews