New Mortgage Rules For North Carolina Home Buyers & Sellers | New Home Toolkit
Posted by Larry Tollen on
Significant new mortgage rules just went into effect on October 3rd, as part of the regulations created by the Consumer Financial Protection Bureau in 2013. These regulations are designed to provide new homeowners increased loan transparency as well as more protection against reckless lending standards and other lender abuses.
Homebuyers will know up front all of the details of their loans and be given three full days to review their closing settlement sheet. Last minute changes at the time of signing the closing statements will no longer be allowed and this could impact buyers and sellers who aren’t prepared, as any significant changes require a new three-day window for review. Having an experienced Realtor is going to be more critical than ever in…
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As we age, most of us want the freedom and independence to live in our homes until the day we die. We do not envision our golden years living in assisted living communities and nursing homes. That seems anything but golden.
As an avid home gardener who among other things enjoys growing as many of the vegetables we eat as possible I can attest that my wife and I have noticed a visible decline in the number of bees we see. Several years ago we started planting a wide variety of flowering plants specifically to attract more bees to our yard so that we could attract more bees without which our vegetables wouldn’t get pollinated. Check out this excellent article about how you can be a part of the solution to help save the bees.
How much should you set aside for home repairs? Most experts recommend setting aside anywhere from 1% to 3% of the purchase price of your home each year to cover maintenance. Keep in mind that a home is a long-term purchase, and these annual reserve figures represent an average. Therefore, for example, if you set aside 3% of the purchase price of your home during the first year and you don’t end up using much of the money, you would be wise to continue setting aside the same amount in subsequent years. Many home repairs are expensive and can come as a nasty surprise if you haven’t prepared yourself financially. Any homeowner who has ever had to replace a roof can attest to this!
Should you sell your home or rent it out? This is a question you may be considering if you need to move out of your home. As always, there are pros and cons to both options. Here are some of the factors that you’ll need to weigh as you consider your decision.
If you are buying a home in a Flood plain there are a number of things you should know. Flood insurance rates are currently at some of the highest in history. In 2012, the U.S. Congress passed a law phasing out many of the available subsidies for homes in flood plains and allowing insurance companies to substantially increase rates year over year. In 2014, Congress passed a new version of the law aimed at reducing the previous likelihood of major increases and reinstating some of the subsidies.
Owning a home is still a great way to build wealth. During the Great Recession of the not-too-distant past, home values fell to unprecedented lows. Unfortunately for a lot of people, a large portion (or all) of their net worth was tied up in their homes. As the values fell, their net worth plummeted. Luckily, the real estate market has recovered, and then some. The national housing market has been on the upswing for almost two years and shows no signs of stopping. This significant recovery shows us that home ownership still makes sense as the cornerstone of a wealth-building strategy.