Saturday, April 15, 2023 / by Dave Magua
When you apply for a mortgage loan, your lender is required to provide you with a loan estimate within three business days. This document summarizes the loan terms, fees, interest rate, and monthly payments, as well as estimates for property taxes, insurance, and mortgage insurance, if applicable.
However, the loan estimate is only an estimate and may not reflect the final costs. As your loan goes through the underwriting process, the data may change, resulting in differences between the loan estimate and the final closing disclosure.
According to Rocketmortgage.com, you should receive your closing disclosure at least three days before the closing date, which is a final accounting of all your closing costs. It is important to review the closing disclosure carefully and compare it line by line with the loan estimate. If there are any discrepancies, contact your lender to understand the reasons behind the changes.
While some costs are not allowed to change, including loan origin. ...
Friday, April 14, 2023 / by Dave Magua
Considering a home purchase, but hesitant due to high prices and interest rates? As the spring homebuying season begins, it's natural to question whether it's a good time to buy. However, recent market trends suggest that now may be a favorable time to jump into the housing market.
According to a recent report, national mortgage rates have dropped from 7.37% in October to 6.2% in January 2023. Home prices have also decreased by 2.5% from their peak in spring 2022, and 42% of home sellers are now offering concessions to attract buyers. Additionally, the job market has improved, with an unexpected 223,000 new jobs added and a national unemployment rate of 3.5% in January 2023.
While these shifts may seem small, they have boosted buyer confidence in the housing market. Buyers believe that home prices will continue to fall through Q3-2023 and that mortgage rates will also decrease, despite the Federal Reserve's efforts to control inflation by raising interest rates.
To get a bette. ...
Thursday, April 13, 2023 / by Dave Magua
Are you looking to spruce up your home without breaking the bank? Consider making small improvements that can have a big impact!
First, focus on boosting your curb appeal. The front entrance of your home is crucial for making a great first impression. For a quick upgrade, give your front door a fresh coat of paint in a trendy color. Some other options include, adding a new welcome mat, a stylish framed house number, a freshly painted mailbox, and some planters filled fresh greenery and colorful flowers.
Next, turn your attention to your floors. Regular foot traffic and spills can make wood and carpeted floors look dull and dirty. To revive your hardwood floors, polish them once a year or before putting your home on the market. For carpets, weekly vacuuming can remove surface dirt, but for a deeper clean, consider hiring professionals to remove stains, pet odors, allergens, dust mites, and deeply embedded dirt. Not only will your floors look and smell new, but they'll also last lo. ...
Wednesday, March 29, 2023 / by Dave Magua
Day of Closing
1. The buyer will walk through the property to make sure that everything is in the condition agreed upon in the sales contract, and that any required repairs have been made.
2. Final Closing Disclosure Review: The buyer will review the final closing disclosure, which outlines all the costs associated with the transaction, including the down payment, closing costs, and any prorated expenses.
Signing of Documents: The buyer will sign all the necessary documents, including the mortgage agreement, promissory note, and deed of trust.
3. Payment of Closing Costs: The buyer will pay all the closing costs, including the down payment, closing costs, and any prorated expenses.
4. Title Transfer: The title of the property will be transferred from the seller to the buyer, and the deed will be recorded with the appropriate government office.
5. Disbursement of Funds: The funds will be disbursed. ...
Thursday, March 16, 2023 / by Dave Magua
Miami-based logistics firm Bulk Express Transport snagged an industrial site in the city’s Brownsville neighborhood for $17 million.
A Bulk Express affiliate paid $3.8 million per acre for the 4.4-acre site with a 14,000-square-foot warehouse, according to Vizzda. The buyer obtained a $13 million mortgage from Banesco USA. The seller, CUSA Investments managed by Jose Francisco Da Costa Gomez in Miami, paid $650,000 for the property in 2001, records show. The site has been used as a truck and container outdoor storage facility. The warehouse was completed in 1958, records show.
Founded more than 30 years ago, Bulk Express provides long haul transportation services of municipal solid waste, recyclables, construction and demolition debris, contaminated soils, ash, sludge and other materials, according to a press release. In December, Fort Lauderdale-based private investment firm Alterna Equity Partners acquired Bulk Express and its affiliates. The industrial sector ...