Allow me to introduce you to a great new listing in Logan Square: 1828 N. Monticello. This newly rehabbed 4-bed, 3-bath home is the perfect blend of aesthetics and function. With beautiful shaker cabinets and stainless steel appliances in the kitchen and hardwood floors throughout, this listing is sure to impress. It also boasts plenty of space, as evidenced by the home’s 2.5-car garage, and is nestled in a great neighborhood. Truly, this house could be your dream home. As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
On September 26 interest rates went up again—this time by 0.25%. This time by a quarter of a percent. Today we will be discussing how this recent rate change will affect the real estate market. David says that he doesn't think it will have much of an impact, because this change comes as no surprise. Since so many people saw this coming, he believes that it was already worked into the mortgage market in terms of rates. However, we may still see a slight fluctuation. If the Fed does something surprising, though, then we'll see a change.
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The rising interest rates won't affect the market because it isn't a surprise.
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Rates, of course, do affect other things, such as credit cards, instantly. They also affect car loans. So, over the long-term, the rising cost of credit could affect the mortgage market. We still do expect one more rate increase this year in either November or December. If you have any questions about this, please feel free to reach out to us. We would be happy to help.
Today, we’ll highlight how TRID affects the lending world. TRID stands for TILA-RESPA Integrated Disclosure. This changes the entire lending world as we know it, and we’ve been getting ready for it for the past couple of months.
TRID helps the consumer understand the loan process. It removes the original HUD-1 closing statement. It also gets rid of the TIL disclosure and the Good Faith Estimate. Now, the process will combine a closing disclosure statement with a loan estimate.
Everything will line up at the time of the closing. Previously, a closing statement would not make the TIL for the client. All the numbers were different. Today, things will be more simple. Numbers will appear the same and it will all be much clearer, especially for the lender.
The HUD-1 is gone completely. As of October 5th, the new process started. This is a national mandate, too.
The only thing that impacts a Realtor is that there will be no more rushed closings. There might be thirty-day closings in the future, but there will be no next-day closings. There is a three-day waiting period for the consumer to review the document. This is a good thing because it makes the system run smoother, as the consumer has plenty of time to review documents.
Right now, we’re expecting 45-day closings. We want to give mortgage companies, title companies, and attorneys enough time within this system. It might take a while to jump back into the thirty-day range.
Thanks for joining our video blog today! Reach out if you have any questions regarding this topic.
