Racheli Mortgage Lending

Mortgage Lending - (940) 800-0330

 
5 Funny Closing Surprises

5 Funny Closing Surprises

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5 Funny Closing Surprises,
what_you_can_learn_from_these_5_deal_closing_surprises

  1. They only left us one key. The front door has two locks!
    This happens more often than you think. Calling the sellers won’t help because they probably left the rest of the keys on the kitchen counter. The likely choice for a buyer when this happens is to call a locksmith who offers 24-hour service to get you in and then send the bill to the sellers. In my experience this can cost up to $400.

    Lesson: Sellers need to make sure that they give their lawyer enough keys to provide access to the buyer after closing. In our office, in most cases we give the sellers a lockbox and just ask them to leave the keys in the lockbox for the buyer on closing.

  2. We walked in after closing and the entire home smelled worse than the Seinfeld car.

    In most cases, it is hard to sue for these kinds of issues after closing, unless the seller did something to actively conceal the smell when the buyers were visiting the home in the first place.

    Lesson: Be wary whenever you smell air freshener throughout the home during an open house. Ask questions and make sure you have the home inspected.

  3. I found out my tenant has a pet pig. Can I evict them?

    This actually happened to a client of mine. Interestingly, the city had a bylaw permitting certain licensed pigs as pets and since the tenant’s pig was licensed and was not damaging the premises, there was nothing the landlord could do about it.

    Lesson: Always check social media when qualifying tenants. If they have an unusual pet, there will likely be a picture of them with the pet on Facebook.

  4. The courier with the buyer certified cheques got stuck in traffic and their cell phone died.

    This is really not funny. If the buyer lawyer does not make sure that the seller lawyer has the closing funds before 6 pm on the closing day, the seller may be able to cancel the deal. This can be very painful, especially when the seller’s lawyer needs these funds to close another deal for the seller who is buying that same day.

    Lesson: More and more law firms are recognizing that it makes much more sense to just electronically transfer funds from buyer to seller lawyer trust accounts, usually using a wire transfer, to avoid these problems from arising in the first place. The money transfer occurs immediately and the deals can close much more quickly and efficiently, especially when someone is buying and selling on the same day. This also permits our firm to close deals on time even if the buyer lender is late in transferring funds to our office. To make this easier, always insert in your agreements that the balance due on closing is to be paid by wire transfer, using the Large Value Transfer System.

  5. Who’s been sleeping in my bed?

    I had buyers walk into their home after closing only to find someone living in the basement, claiming to be their tenant. He was not there during the home inspection. This person claimed to have a “verbal lease” with the landlord. Police were called and fortunately, the person left within 24 hours.

    Lesson: Always have a pre-closing inspection of your home, even on the morning of closing, to make sure that there are no surprises after closing. This includes making sure that the seller removes all the junk and is leaving the home in a clean and broom swept condition, which is indicated on most real estate agreements.

    This article is courtesy of http://www.remonline.com/

want Happy Closings?
Call  Racheli Mortgage Lender 954-800-0330 and Get Pre-Approved for a Home Loan today 

10 Cheap Ways to Increase a Home’s Value

10 Cheap Ways to Increase a Home’s Value

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10 Cheap Ways to Increase a Home’s Value.

The list below can help those that are looking for DIY home projects on a budget, get a list of tips, ideas and other inexpensive or affordable home improvement upgrades to get the best return on investment for your home renovations.
You may want to do those improvements for yourself or prepare your home to sell. Need a referral to a Great Local Real Estate Agent in your area? Click here to be referred.  The Home Improvement Guide below is a start.

Increase The Value Of Your Home - Part 1Increase The Value Of Your Home - Part 2Increase The Value Of Your Home - Part 3

We can help you Pre-Approve prospective buyers for your home, so you could be confident the process will go as smooth as can be.
FHA When can I stop paying my monthly FHA mortgage insurance premium?

FHA When can I stop paying my monthly FHA mortgage insurance premium?

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Loan programs FHA
Loan programs FHA

When can I stop paying my monthly FHA mortgage insurance premium?

Cancellation of the FHA annual mortgage insurance premium (MIP) is based on factors including the loan term, loan-to-value (LTV) and regulations in place when the loan is closed.

FHA loans After 6/30/13

All Loan Terms > 15 yrs/

LTV > 90% live of loan.
LTV < 90% 11 years or end of loan if occurs less than 11 yrs.

For loans closed (or case number assigned, as applicable) 01/01/01- 06/02/13,
Annual MIP will be canceled when the LTV reaches 78.00% as follows:

FHA Loans < 15 Years
There is not a minimum time period for which the MIP must have been paid. The 5 year requirement does not apply.
If the LTV is 78.00% or less at loan closing it is exempt from monthly MIP.

read more details here  http://loans-4-u.com/mortgage_loan_fha/

Real Estate Transaction Closing Rules and Forms Change on August 1, 2015

Real Estate Transaction Closing Rules and Forms Change on August 1, 2015

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Major_Changes_coming_up_to_the_Real_Estate,_Title__and_Mortgage_LendingMajor Changes coming up to the Real Estate, Title  and Mortgage Lending, how will it effect you?

Real Estate Transaction Closing Rules and Forms Change on August 1, 2015

here is what to expect:

 

• The new Loan Estimate form replaces the Good Faith Estimate

• The new Closing Disclosure form – Replaces the HUD-1* – Replaces the Truth in Lending Act (TILA) disclosure

• Settlement Agents and Lenders will need to work closer together to prepare Closing Documents.

• New tolerance levels for certain fees quoted at application.

• Closing Documents will need to be delivered at least three days before closing

want to know more? call your Loans 4U teal at The Mortgage Firm. 954-800-0330.
Here is a lengthy article from the Washington Post
http://www.washingtonpost.com/realestate/closing-time-is-about-to-get-a-little-bit-easier-for-new-buyers/2015/05/13/eaa67038-f049-11e4-8abc-d6aa3bad79dd_story.html

“The goal of the CFPB is to make it easier for consumers to understand their loan terms,” says Mitchel Kider, chairman and managing partner at Weiner Brodsky Kider PC in the District. “I think the result will be helpful to consumers but there will be a learning curve for everyone.”

Here are 6 steps to ensure a smooth closing:

  1. Get Pre-Qualified before making the offer. Getting pre-qualified for a loan will help you determine how much home you can afford.  What will be price range and payment for your new home. Buyers who have been pre-approved by a lender are generally those who are able to finalize their loan application faster and more efficiently than ones who have not been pre-qualified.
  2. Prepare your documents. How to Buy a Home?
    you will need Income, Assets and Credit documents to get accurate figures of what you will qualify for.
  3. The 2-2-2-2The questionnaireA. 2 years W2’sB. 2 years 1040 Tax returns ALL PAGES and schedules  Self-employed include 2 years 1120 Business Return with ALL SCHEDULESC. 2 pay stubs, most recent onesD. 2 months’ statements for Liquid Assets: ALL PAGES. Checking, Savings, Stocks, Bonds, Annuities, IRA’s, 401K, etc
  4. Work with an experienced mortgage lender.
    the best way is to get a referral to a Florida Mortgage Lender. working directly with a bank may not be your best option. Ask what would be the average time for processing a loan application and, specifically, how quickly they will be able to complete your mortgage. Keep in mind setbacks may happen during the process, like any credit or employment-related problems you know exist and ask what you need to do to clear those up.
    Racheli_Best_Lender_in_town_Loan_ProcessThe Loan Process-What to Expect (click on the image to open)
  5. Create a timeline for any repairs the seller is obligated to make. Make sure any repairs the seller has agreed to make are completed on time — ideally, at least several days before your scheduled closing. Do the final walk-through inspection the day before closing, or sooner, if the seller agrees.
  6. Confirm that you have the funds for Down Payment, closing costs, and Prepaid Items (Insurance and RE Tax escrows)
    The lender will require the proof of funds for closing in your account, or if you are getting a gift -the donor’s account. Be prepared to wire the funds on the day before closing.

Remember when it comes time to run the #’s Call or Email Racheli Refael Mortgage Lender
she will guide you on how to get a mortgage, and get you ready. 954-800-0330 racheli at Loans-4-u.com