EHR News

Feb 18 2015

EHR News :: UNDERSTANDING AUG.1 CHANGES TO HUD-1, CLOSING PROCESS

UNDERSTANDING AUG.1 CHANGES TO HUD-1, CLOSING PROCESS

The days of filling out the HUD-1 settlement form and getting a Good Faith Estimate (GFE) from the lender are going away pretty soon! On August 1, those two forms will no longer be used! The Truth in Lending Act (TILA) disclosure form is going away, too. Replacing them are two new forms: the Closing Disclosure and the Loan Estimate. You can familiarize yourself with these new forms on the website of the Consumer Financial Protection Bureau (CFPB), which has taken over administration of the Real Estate Settlement Procedures Act (RESPA) from HUD. Just go to CFPB.gov and type in the name of the forms in the search box.

There are also new rules for the closing procedure. One of these rules requires all forms to be ready three days prior to closing. NAR is recommending you actually get everything ready 7 prior to closing, so when you go into the three-day period, you don’t have to make any changes. Because making changes as the clock winds down comes with a cumbersome  set of hurdles.

Closing

What this means is, you and the other settlement service providers, including the lender and title agent, are under the gun to get everything squared away earlier than what has been traditionally required. And the buyers and sellers have to be cooperative as well, because if last-minute changes are made, a new three-day waiting period kicks in, at least in some cases.

The good news is, you have until August 1 to get familiar with the new forms and learn about the new closing procedures, and NAR is hosting a series of webinars on the topic. To learn when the next one is, go to Realtor.org/respa.

Loan

The video above, with Ken Trepeta of NAR Government Affairs, provides a concise overview of what to expect and also shares some tips on how to decrease the likelihood of snags in this new environment. VisitExecutiveHomesRealtyInc.com to see more info about anything real estate related as well as phenomenal homes in the East Bay!

The CFPB’s goal in making these changes is to increase transparency for consumers. Start your education process by accessing the 5-minute video.


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Jan 22 2014

EHR News :: How to talk to your architect – MSN Real Estate

How to talk to your architect – MSN Real Estate


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Jan 22 2014

EHR News :: 

A Forecast of Trends in Real Estate for 2014

   The real estate market in 2013 was a breath of fresh air; home values increased and buyers had stable jobs creating a market frenzy for current homes for sale. Experts expect 2014 to have similar growth, but at a more stabilized pace.

  Fixed rate mortgage rates are estimated to linger around 5 percent. The Federal Reserve will continue to step back from directly supporting mortgage lenders and allow room for inflation and economic growth to dictate mortgage rates. Inflation is not a current concern for the market but we all know this can fluctuate throughout the year. Economic growth is expected to become more reliable and strong with the growth in 2013 as a foundation.

   Home prices in 2013 skyrocketed with attractively and historically low mortgage rates. While we don’t expect those rates to return, a 5 percent rate on your mortgage is still a below average rate. This higher mortgage rate will have a marginal slow down affect on the current market and home prices. But with the continued economic stability, home prices will remain competitive. Home values will still rise, just not exponentially as we saw in 2013. Last year the number of qualified buyers far outweighed the available homes for sale. We expect more homes to be available this year, which will also aid in leveling out home prices. However, with continued economic stability there will be a continuous need for more and more homes to meet the needs of house hunters.

   Qualifying for your home mortgage will have a few extra requirements this year. On January 14 lenders began considering all of your income and outcome, not just current loans as done previously. The intent is to ensure you have the ability to pay your monthly mortgage, all things considered. The debt-to-income cap will operate at 43 percent. Lenders will enforce these considerations to protect themselves from future consumer lawsuits claiming the property and borrowers were not properly assessed. These deeper qualifications will aid in stabilizing the number of buyers in the market as well.

   All said and done the excitement of real estate happenings will not diminish in 2014.  Sellers and buyers are becoming more educated and aware of the still historically wonderful mortgage rates and will continue to brave the rising home prices for a fantastic investment.

 

 


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Jan 17 2014

EHR News :: Executive Homes Realty, Inc. – 44555 Overlook Terrace, Fremont CA 94539, USA

Executive Homes Realty, Inc. – 44555 Overlook Terrace, Fremont CA 94539, USA


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Jan 17 2014

EHR News :: Rates take a dip on tepid news….

Rates on 30-year fixed-rate mortgages did drop to  around  4.41 percent for the week ending today lower than the 4.51 percent a week ago indicating signs of a weakening economic recovery. 

The average rate on 15-year fixed-rate mortgages fell  to 3.45 %  compared to 3.56 %  last week, all the while the average on the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) dropped  from 3.15 percent to 3.1 percent and the one-year Treasury-indexed ARM seemed to hold steady .

Frank Nothaft, Freddie Mac’s vice president and chief economist, in a statement felt that  the lower rates were due to  the lower than expected  74,000 jobs added to the economy in December, which was “less than the market consensus forecast,” and also added  that retail sales rose just 0.2 percent in December, which was only  half of November’s 0.4 percent increase. 

 


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Jan 15 2014

EHR News :: Luxury Home Real Estate Grows Globally

Executive Homes Realty, Inc., has earned recognition twice in the past five years as the best real estate company in Fremont, California. The company features a talented and experienced staff, with the company’s chief executive officer receiving a number of recent awards, including the 2009 and 2011 Grand Master Award and the 2010 and 2012 Pinnacle Award. Executive Homes Realty specializes in luxury homes in the Mission San Jose neighborhood.

In 2013, the luxury home market again proved invulnerable in comparison to the shaky global real estate industry. Christie’s International Real Estate, a specialist in high-end real estate analysis, conducted a report for the year that included 10 notable luxury home markets all over the world. Markets featured in the study included Hong Kong, Miami, New York City, and Los Angeles. New York City came in second to London in terms of highest valued property sold at $88 million. Eight of the 10 markets included in the report moved properties in excess of $35 million. The luxury home market, which is more similar to the luxury goods market than general housing, should increase at a significant rate in the coming years.


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