Buying Services for NW Houston Home Buyers

Congratulations! You have decided to purchase a home, or are thinking about buying one.We need to make you aware of the following important lending change:
The new Regulation X (as it is being called) dramatically affects the way disclosures are handled on the loan side of a purchase or refinance. This has hit the whole industry nationally, whether the loan is done through a bank, broker or mortgage banker.

The new GFE (Good Faith Estimate) 2010 may have ramifications on the time a transaction can be completed and any changes that may affect the deal along the way. Any "change" to rate, fees, extensions, sales price, credits, etc... or anything that may affect the APR of the loan could impact the ability to close on time. Due to these changes, it has never been more important to fight for a reputable escrow, title and lending institution that you know and trust to handle your transactions. This is not a market for rookies!

There are many lenders pushing for changes to the purchase contract to now extend the loan contingency dates and to encourage longer escrow periods to allow for these changes. Many rush situations will now be completely out of the control of the lender to accommodate, as any change to the transaction will set into effect a new process for re-disclosure, so please establish realistic time frames when negotiating your purchase contract.

We will be sharing a lot of timely information in the future to keep you informed, but wanted to make sure you were aware of some of the implications of the changes that went into effect. This is said to be the biggest change to the mortgage lending industry in over 20 years and will have a vast impact on the ability to modify and change purchase transactions and any change that will impact the APR on the loan.

Choosing a good lender is very important and we can help you through this process. If you aren't sure you're lender has complied to the new 2010 requirements, please give us a call.
Use the following reports to better understand the home buying process.

		Buying Your First Home Many renters are starting to think about purchasing a home of their own. This article highlights several factors that should be considered when purchasing a home.
		The Right Home at the Right Price This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process.
		Avoid Common Buyer Errors Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase.
		But Do You Need It Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible.
		Federal reserve Bank of Dallas ARM document This document is from the Federal Reserve Bank od Dallas. It explains what an Adjustable ARM mortgage is and what it's pitfalls are. Many of todays foreclosures are a result of folks using an ARM to buy a home. Call us if you have questions. It's 41 pages in length.
		Home Equity Line of Credit This is a document from The Federal reserve Bank of Dallas explaining Home Equity Line of Credit loans. It's 20 page sin length.
		Mortgage Companies exploiting Consumers This is an artile fro The LA Times explaining how mortgage companies are not complying with the new HUD disclosure guidelines for the new HUD statement. It's 2 pages in length. Call us if you have questions. This is verty important to understand when you pick a lender.
		Interest-Only Mortgage loans This is a federal Reserve Bank of Dallas reoprt explaining Interest only loans and the new "option ARMs". Many of the 2010/2011 foreclosures will come from the "option ARM" loans. Please call us to truly understand the risks involved in the loans. It's 17 pages in length.
		HUD publication explaining the 203K FHA program This publication explains how homes needing repairs and/or updating can now be purchased using a 203K FHA program. It's 2 pages in length.
		ARM Mortgages This Federal Reserve publication explains the dangers involved with having an adjustable rate mortgage. It's 41 pages in length.
		Repeat Home Buyers Tax Credit IRS offers guidance on new $6,500 tax credit for repeat home buyers. It's 2 pages in length.
		Those Who Wait Will Pay Thousands More This Spring This letter explains new rules coming in effect soon. It's one page in length.
		Housing Affordability Upswing This publication from Tierra Grande explains how the current market has affected home affordability. It's four pages in length.

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Buying Services for NW Houston Home Buyers