What Will The TRID Loan Estimate Tell Me?

 

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?

 

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.

How Do I Set The Price On My House?

 

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

 

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?

 

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!

 

How Can I Determine My Housing Needs Before I Begin The Search?

 

Your home should fit the way you live, with spaces and features that appeal to the whole family.

Before you begin looking at homes make a list of your priorities – things like location and size.

  • Should the house be close to certain schools? your job? to public transportation?
  • How large should the house be?
  • What type of lot do you prefer?
  • What kinds of amenities are you looking for?

Establish a set of minimum requirements and a ‘wish list.” Minimum requirements are things that a house must have for you to consider it while a “wish list” covers things that you’d like to have but that aren’t essential.

At Seaview Title, we can’t wait to help you make your dreams come true!

Closings Made Easy!

What Does A Home Inspector Do, And How Does An Inspection Figure In The Purchase Of A Home?

 

As we show you in this video, an inspector checks the safety and condition of the home you’re planning to buy.

Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of repairs that are needed.

The Inspector does not evaluate whether or not you’re getting good value for your money. (This is not an appraisal of value.)

Generally, an inspector checks (and may give estimates for repairs on):

  • the electrical system
  • plumbing and waste disposal
  • the water heater
  • insulation and ventilation
  • the heating and AC system
  • water source and quality
  • the potential presence of pests
  • the foundation, doors, windows, ceilings, walls, floors, and roof.

Be sure to hire a home inspector that is qualified and experienced.

It’s a good idea to have an inspection completed during the inspection contingency period, ou sign a written offer since once the deal is closed you’ve bought the house as-is.

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

Why Use A REALTOR®

 

If you’re just starting to look for a new home, or have found a property, but you’re not sure what steps to take to make an offer, we highly recommend that you contact a real estate agent in your area who is familiar with the neighborhood.

At Seaview Title, we work with hundreds of top agents and would be happy to assist you by making a recommendation.

Having a real estate agent work for you will cost you nothing as a homebuyer — but the cost of not having a licensed and experienced agent cannot be overstated.  There’s simply nothing better than knowing that the price you are willing to pay, and the home you wish to purchase are very sound decisions— and your agent will help you with this, and so much more.

A state license is required to sell real estate. But roughly half of those licensed take the additional step of becoming a REALTOR®.

As we show you in this video, only members of the National Association of Realtors – NAR – are entitled to use that registered trademark and call themselves a REALTOR®.

As members, they adhere to a strict Code of Ethics and have access to classes, seminars and certification. Their aim is to be experts in their community aware of real estate trends and local and neighborhood issues. They apply that expertise to help buyers and sellers succeed.

You can find a certified REALTOR® by looking in local sources asking around or searching here.

Once you’ve found the right agent to work with, we hope you will write our names into your contract to act as your Closing Agent.

As Seaview Title, we pride ourselves on “Closings Made Easy!”

What Kinds Of Loans Do TRID Disclosures Cover?

 

Seaview Title wants you to know that the mortgage world changed in late 2015!

There are many new rules now designed to protect the consumer.

These rules have been adopted by the Consumer Financial Protection Bureau (CFPB), and are popularly known as TRID rules. (TRID stands for the Truth in Lending Act-Residential Procedures Act Integrated Disclosure).

Basically, the old HUD-1 settlement statement and the old 1003 Loan application have been merged into a five page disclosure document which provides details about your mortgage and closing costs.

TRID applies 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 other dwelling that is not attached to real property.

Also, TRID rules do NOT apply to loans made by a person or business that makes 5 or fewer mortgages in a calendar year.

Closing Costs Explained Visually

 

As an attorney-owned title & escrow company, Seaview Title is dedicated to accuracy and full-disclosure, and that’s why we work so hard to make sure you understand your closing costs. We believe purchasing a home is an exciting moment in the lives of our clients, and we wish to be sure you are at ease regarding the expected costs for closing.

Our fees are very reasonable, and always disclosed up front, and the good news too is that most of the lender costs are disclosed well in advance, and the costs to record your documents, including County recording fees and taxes, are state-regulated, as are the title insurance premiums you will pay for your title insurance policy.

This video will explain the fundamentals, and we will work with you and your Realtor to provide a closing statement to you as early as possible so you can review the expected costs and take steps to prepare for transferring funds to us before closing.