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Credit Hiccups a Death Sentence No More

Many of our clients come in thinking that a mistake in their past will haunt them forever!  Do you, or someone you know, have a foreclosure, a short sale, a bankruptcy in their past?  Do you, or they, feel hopeless when it comes to buying a new home?  Well this week we’re giving hope to the hopeless!  Tune in and take a listen!

TRID effective date pushed back to October!

Tila-Respa-Integrated-Disclosures (TRID) effective date pushed back to October!

The Consumer Financial Protection Bureau has announced it will delay the effective date of the Know Before You Owe rule.

“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,” said CFPB Director Richard Cordray. “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.”

The rule was originally set to go into effect Aug. 1. It will require new rules that consolidate the TILA-RESPA forms, and is intended to allow consumers more time to go over the cost of their mortgage.

Many in the mortgage industry, however, worried that implementation of the rule would lead to costly errors as originators and lenders settled into the new regulations.

The CFPB had already announced a “hold harmless” grace period, during which the rule would not be enforced.

How much will 15 minutes or less really cost you?

 

Today we go in depth on the importance of great homeowner’s insurance. Melissa Riewer walks us through what to look for, how to save, and some secrets you might not know about your homeowner’s insurance. Take a couple minutes, give her a call at 206.501.3981 or shoot her an email at melissariewer@allstate.com and see how she can increase your protection and decrease your expense!

When Rates Rise, Affordability Dwindles

Rates are on the rise, recently reaching 2015 highs!  Here’s a look at what that could mean to you:

Interest vs Affordibility

 

If 30-year mortgage rates increase by just a quarter percent to 4.25%, your monthly payment increases by 3%, not a huge deal, but take a look at this: Half a percent to 4.5% would increase payments by 6.13% and that may start moving you from, “I really love this house” to “I wish I could still afford that house!” With a 1% increase, from 4% to 5%, your monthly payment goes up by 12.44%. Needless to say, in order to qualify your income would have to increase proportionally.

 

Call your loan officer today and talk about LOCKING YOUR RATE!