Blog – Page 671 of 787 – First Rate Financial Group

13

Oct

Market Outlook

What’s Ahead For Mortgage Rates This Week – October 13, 2015

Whats Ahead For Mortgage Rates This Week October 13 2015 Last week’s economic reports included the Federal Open Market Committee Meeting Minutes and Weekly Jobless Claims. Also, the new mortgage TRID rules went into effect. Here are the details:

TRID (TILA-RESPA Integrated Disclosure) Goes Into Effect

TRID, or TILA-RESPA Integrated Disclosure, which is also known as the “Know Before You Owe” rule will change the mortgage process by altering some standard loan forms and practices. Originally slated to go into effect August 1, the Consumer Financial Protection Bureau (CFPB) actually took effect on October 3.

On Wednesday, October 7, 2015, the House of Representatives approved HR 3192, “The Homebuyers Assistance Act”, which would provide a safe harbor for lenders who act in good faith to comply with the new TRID mortgage disclosure requirements. The bill will still need to be passed by the US Senate and signed by the President in order to become law.

Home buyers can expect to be using two new forms under TRID — the Loan Estimate and the Closing Disclosure. These two new loan forms are easier to understand and consolidate the earlier standard forms. The forms are also designed to work in combination with each other, which wasn’t happening with the previous forms.

The new forms clearly detail the loan amount, its terms, whether the amount can increase after closing for each section, and the feature of the loan, such as whether there is an early payment penalty or not.

The forms are designed to provide the buyer with more time to review the costs associated with the mortgage. The Loan Estimate document is due to the buyer three days after applying for the loan, while the Closing Disclosure must be presented three days before closing.

The CFPB has offered a special guide for real estate professionals.

Real Estate Professionals Guide (http://www.consumerfinance.gov/know-before-you-owe/real-estate-professionals/)

Mortgage Rates Tick Downward

Freddie Mac reported that the average mortgage rate for a 30-year fixed rate mortgage dropped lower to 3.76 percent from 3.85 percent the previous week; the average rate for a 15-year fixed rate mortgage was also lower at 2.99 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at an average rate of 2.88 percent. Average discount points for both fixed rate products was.6 percent while the discount points for the adjustable product was.2 percent.

Jobless Claims Fall To 42-Year Low

New unemployment claims dropped to 263,000 against expectations of 271,000 new jobless claims and the prior week’s reading of 277,000 new jobless claims. Some experts argued that the drop may have had to due with seasonal employment trends. The U.S. labor-force participation rate was reported at a 38-year low at 62.4 percent in September.

09

Oct

By support

Around The Home

Looking for an Eco-friendly Upgrade? Try These Easy Ways to Save Water Around the Home

Looking for an Eco-friendly Upgrade? Try These Easy Ways to Save Water Around the Home With the impact we have on our environment becoming a matter of greater concern, it’s becoming more important for the average citizen to know they’re doing their part. While there are many simple tricks for saving water that will make you feel better about your environmental footprint, here are a few easy upgrades that will make that saving a little more automatic.

Consider a Cistern Device

With outhouses a thing of the past, flushing the toilet has become one of the ways in which household water is being overused the most, but flushing less simply isn’t a viable option. Instead of wasting water in this way, purchase a displacement device and place it in your toilet’s cistern. Without you having to do anything at all, it will instantly reduce the volume of water that is used with each flush.

Learn to Work a Water Meter

It’s ideal to help the environment by saving water, but it’s even better if you can save yourself money at the same time. If you happen to be among those who pay for their water, installing a water meter will enable you to take a closer look at where your water use is going, and can assist you in helping to trim down this expense.

Drain It From the Rain

In the event of an intense downpour, there’s often a lot of water that runs off into the gutter and can’t be absorbed by the grass or the trees. Instead of letting it go to waste, install a water butt to your drainpipe so that you can use the runoff when it’s dry outside to water your plants or even wash your car. There’s no reason that any of the moisture from a good rainfall should have to go to waste.

Invest in Water Efficient Items

From showerheads to washing machines, going energy efficient with your household appliances is becoming quite popular. The next time you have to replace a small appliance or there’s a leak with a household item, consider heading down to the drugstore to look for environmentally friendly options that will instantly reduce your footprint.

With so many options for environmentally friendly items on the market these days, there’s no reason you can’t save water at home with a few easy changes. From making use of the rain that falls to learning to work with a water meter, some simple shifts may make your house the most environmentally friendly one on the block.

08

Oct

By support

Investment Properties

Real Estate Investing: Why Buying a Condo in a Ski Resort Area Can Be a Great Investment

Real Estate Investing: Why Buying a Condo in a Ski Resort Area Can Be a Great Investment The decision to invest in real estate can be one rife with risk, but if you’re ready to take this type of step into the investment market, you might be wondering where to begin. While upcoming neighborhoods and university areas may always be a place where investment is a viable idea, here are some reasons it can be a boon to consider a resort condo.

A Reliable Influx of Visitors

The great thing about having a condo close to a resort is that, no matter the weather, people will be getting away in the summer and the winter for some vacation relaxation. While you’ll certainly notice a more significant influx of visitors to a ski resort when winter rolls around, there will still be heavy crowds for the summer months when people want to escape from the city. Renting a condo in a resort can seem like a risk in the off-season, but there are many months out of the year that you can garner a cash flow that will make up the difference.

Maximizing Your Rental Earnings

An investment property in a trendy neighborhood or next to an educational institution will probably always be a popular renter]s area, but being a landlord for a resort property can have its own special perks. With the high season comes the push and pull of supply and demand, and this means you’ll be in a position to offer your property at a significantly higher rate. By keeping your rent reasonable but respectable, you should be able to quickly make up for the cost of initial investment.

It’s An Extra Vacation Property

While this might not work for the investment angle, having a condo at a popular resort may help with the cost savings that can come from not spending money at vacation time. Instead of going to far flung places and splurging on expensive hotel rooms, a resort condo property will mean that you can save on accommodation and still enjoy a relaxing holiday with your family and friends. If your vacation happens to occur during the resort’s downtime, it’s even better since you won’t miss out on improved rental earnings.

While investing in real estate is not risk-proof, buying into a resort condo can be a great way to enjoy a vacation pad and still make money in the high season at the same time. If you would like to learn more about the ins and outs of investment properties, you may want to contact your trusted mortgage advisor for more information to discuss what makes financial sense for you.