How Does Purchasing A Home Compare With Renting?

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The one advantage of renting is being generally free of most maintenance responsibilities. As well, you are generally not tied to a particular market should you wish to move quickly.

However, by renting, you lose the chance to build equity and take advantage of tax benefits and protect yourself against rent increases.Also, you may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity increasing YOUR net worth.

Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities like insurance, real estate taxes, and upkeep which can be substantial. But given the freedom, stability, and security of owning your own home they are worth it.

For more information, please consult your financial advisor and Realtor for a good comparison of the advantages and disadvantages of owning vs. renting.

Seaview Title Company, LLC …

Small Town Friendly … World-Class Service … Closings Made Easy!

Can I Pay Off My Loan Ahead Of Schedule?

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Usually, Yes. As the guy in the video says, by sending in extra money each month or making an extra payment at the end of the year you can accelerate the process of paying off the loan.

When you send extra money, be sure to indicate that the excess payment is to be applied to the principal and keep records.

Remember that payment applied to loan principal is not tax-deductible. Most lenders allow loan prepayment, but some loans may have prepayment penalties.

Ask your lender for details.

How Can I Find Out About Schools & Community Resources?

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Your Realtor often is the best source of information about the community in which you plan to buy.

As well, your local Chamber of Commerce will have promotional literature which includes: welcome kits, maps, and other information.

You can get information about school systems by contacting the city or county school board or the local schools.

You may also want to visit the local library. It can be an excellent source for information on local events and resources and the librarians will probably be able to answer many of the questions you have.

After closing, we will send you an email with coupons and discounts on local vendors who we recommend you patronize.

At Seaview Title, we believe in “Closings Made Easy!”

What Disclosures Are Used For Loans Not Covered By TRID?

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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 to provide Loan Estimate and Closing Disclosure forms and related booklets and statements for these loans.

At Seaview Title … we believe in “Closings Made Easy!”

What Will The TRID Loan Estimate Tell Me?

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Seaview Title works with many reputable lenders.

We want you to know that there are Federal and State laws which protect you by requiring disclosures of your loan charges and closing costs.

Your loan officer will provice a Loan Estimate disclosing essential facts and terms of an approved real estate loan. It includes:

  • loan terms
  • projected payments and loan costs
  • cash and costs at closing time
  • the services for which you CAN and CANNOT shop in relation to the loan
  • summary information with which to compare this loan to others

and other important details such as appraisal, insurance, late payment, refinancing, loan assumption policy and whether this lender intends to service this loan.

For more questions, don’t hesitate to contact us at Seaview Title and Parrish, White & Yarnell.

What Are “Home Warranties”, And Should I Consider Them?

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Your Realtor may recommend a Home Warranty for your home, and it’s often a good investment for an older home especially.

Home warranties offer you protection for a specific period of time, such as one year, against potentially costly problems like unexpected repairs on appliances or home systems which are not covered by homeowner’s insurance.

Warranties are becoming more popular because they offer protection during the time immediately following the purchase of a home a time when many people find themselves cash-strapped.

It’s important to note that some home warranties have many exceptions, and are not quick to replace appliances, unless specifically noted in the warranty policy.

It’s a good idea to read the warranty coverage carefully before choosing which policy to purchase.

At Seaview Title, our aim is to help educate you on all aspects of home ownership, and we work in tandem with your Realtor and Lender to provide valuable advice and information throughout the home buying and selling process.

What Is RESPA?

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RESPA stands for the Federal Real Estate Settlement Procedures Act. This video tells you about it all.

RESPA requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending institutions.

RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices and business relationships between closing service providers and other parties to the transaction.

RESPA also protects consumers against unfair business practices.

At Seaview Title, we believe in consumer choice and full disclosure!

We welcome questions about our fees, all of which are disclosed on our website, and will be shown on your preliminary closing statement.

We think you should consider your Realtor’s and Lender’s recommendations when choosing a title agent because they have the experience to know which companies do a great job.

But in the end, it’s always your choice! We invite you to compare us to our competitors.

For more information on RESPA, visit HUD.GOV.

Seaview Title … Closings Made Easy!

How Do I Set The Price On My House?

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The aim of this video is to help you get the best price AND terms in your market during the period you’re selling.

Market conditions, interest rates, and competition all matter.

The price you want, and the price a buyer will pay are framed by those complex conditions So pricing isn’t completely predictable.

Other factors include:

  • How your home compares to other homes for the same buyers
  • The inventory of homes and the level of buyer demand

Your needs also affect negotiations – for example, if you must sell quickly – but the final price will be determined by the market not by your needs.

Buyers look at the same comparables and market conditions and they want to pay as little as possible while meeting their needs.

Remember that the price isn’t the entire deal – repairs, closing, points, appliances and other factors can all change the value you finally receive. Listen to your broker, stay informed, be patient if you can and make your best reasonable, unemotional decisions.

We at Seaview Title wish you all the best on the sale of your home.

Remember, through our affiliated law firm we can handle your side of the sales transaction as a seller— from contract preparation through closing. As well, if you are selling without a Realtor, we can assist you with your contract and negotiations.

Also, sellers keep in mind at the beginning, it may be advantageous for you to offer to pay the buyer’s title insurance, and have them pay the transfer tax. It’s cheaper for you to do so, and you would get to choose the Closing Agent.

Call us and we can walk you and your Realtor through the process of negotiating this, and other terms in any counter-offer.

Seaview Title … Closings Made Easy!

Understanding Your Loan Estimate: Terms, Payments and Closing Costs

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The first page of your Loan Disclosure shows the Loan Terms Projected Payments and Costs at Closing.

The Loan Amount, of course is the total you are borrowing. But the Interest Rate alone doesn’t represent all of your borrowing costs. The APR figure on Page 3 shows that.

Likewise, Monthly Principal & Interest aren’t the complete amount you will actually PAY each month.

The Projected Payments figures add other costs, such as Mortgage Insurance Estimated Escrow, Taxes, Insurances and Assessment to show the approximate amount you will pay each month, over time.

The Estimated Closing Costs are directly loan-related. while the Estimated Cash to Close adds other known closing costs to tell you the estimated cash you’ll need to have to close this loan.

At Seaview Title, we believe an informed client is a happy client.  Let us know how we can assist you in understanding the closing process.

What Is A Rate Lock?

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Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term ‘rate lock.’

A “Rate Lock” is a guarantee that a lender will honor a specific combination of interest rates and points for a given period of time. A lock protects a buyer from rate increases but commits them to a higher rate if mortgage rates fall below the locked rate.

As of 2014, rate locks aren’t usually an option until a purchase offer for a specific property – new-home or resale – has been accepted by the seller. The borrower’s credit score, the loan-to-value ratio property type, location and other factors plus, of course, market rates and market conditions will also affect rate-lock decisions.

Decide whether to lock or “float” based on your capacity for risk and your best rational knowledge about construction and closing schedules. If your rate lock expires an extension might be available but both you and the lender will be looking at current mortgage rates to decide the best option.

If you don’t have a mortgage lender to work with, please call us at Seaview Title for a referral!