This Orlando Home for Sale is located in Oak Island Cove one of the closest communities to Disney is this 4 bedroom 3 bathroom pool home. Great floor plan with two full master bedrooms (en-suite) and two further bedrooms sharing a house bath. Ceramic tile through the main living areas and bathrooms and carpet in each of the bedrooms keeps it cool and easy to clean. Outside the pool deck has been extended to the full width of the home providing plenty of space to relax and enjoy the Florida sunshine and a covered lanai offers shade for dining and entertaining. Just minutes from all the shops and restaurants on Hwy192, I4 and all the central Florida attractions.
Mortgage rates will stay near historic lows next year
Mortgage rates were little changed this week, and Freddie Mac doesn’t see rates rising much next year despite the Federal Reserve’s decision to raise its benchmark rate.
The company’s weekly rate report said a 30-year fixed-rate mortgage averaged 3.97 percent in the week ending Dec. 17, up from 3.95 percent last week. A year ago, 30-year rates averaged 3.80 percent.
On Wednesday, the Federal Reserve raised its benchmark interest rate a quarter of a percent, the first time in seven years that rate has increased.
“We take the Fed at its word that monetary tightening in 2016 will be gradual, and we expect only a modest increase in longer-term rates,” said Freddie Mac (OTC: FMCC) chief economist Sean Becketti. “Mortgage rates will tick higher but remain at historically low levels in 2016.”
A 15-year fix averaged 3.22 percent this week, up from 3.19 percent last week. A one-year adjustable-rate mortgage averaged 2.67 percent, up from 2.64 percent.
Freddie Mac expects home sales to remain strong in 2016, though it says refinance activity will slow.
For every 10 point increase in credit scores, borrowers can expect to receive a lower mortgage interest rate, according to a new study soon-to-be-published in the Journal of Housing Economics by researchers at Northern Kentucky University, which means stellar credit scores add up to savings.
For each of those 10 point score increases, loan applicants receive discounts ranging from 24 to 117 basis points for mortgage loans with loan to value ratios (LTVs) below 60 percent. They receive discounts of 22 to 115 basis points for LTVs between 60 and 70 percent, and discounts of 13 to 87 basis points for LTVs between 70 percent and 80 percent, according to the study.
Credit scores, however, have been falling to their lowest levels in recent months, according to Ellie Mae. The average FICO score on all closed loans dropped to 722 recently. The average FHA refinance FICO score dropped 7 points to 654 and the average VA purchase loan FICO score dropped to 705, its lowest since April.
LTVs, on the other hand, have barely moved and range from 69 to 70 for conventional purchase loans and 96 to 95 for FHA purchase loans over the past year.
Therefore, “a conventional borrower with a median LTV of 70 for a conventional loan should expect to save up to 115 basis points, or 1.15 percent, if he has a high end score,” Real Estate Economy Watch reports on the study.
Source: “New Study: Great Credit Makes for a Great Rate,” Real Estate Economy Watch
Located close to shops, schools and the theme parks, this three bedroom pool home has a great location with no rear neighbors and is priced to sell. Open floor plan with tile throughout the main living, dining, kitchen and breakfast nook. Outside you will find a large covered lanai, mature landscaping – perfect for entertaining guests or just relax by the pool and enjoy the pond view. A new roof was installed earlier this year so all that’s missing is you!!
Six weeks ago, there was concern that these new laws could affect the closing on your Orlando Vacation home but rest assured…
TRID Transition Going Smoothly!
DAILY REAL ESTATE NEWS | WEDNESDAY, NOVEMBER 18, 2015
It’s been six weeks since new closing rules took effect and aside from a few snags, the experience has been positive, according to the assessment of an industry panel at the 2015 REALTORS® Conference & Expo in San Diego.
Anthony Lamacchia of Lamacchia Realty in Waltham, Mass., says the intent of the rule changes—to make it easier for home buyers to shop for and compare mortgage products—is a positive for the industry. And aside from the typical growing pains you would expect while real estate agents, lenders, and title agents familiarize themselves with what’s new, the transition has been smooth, with few instances of closings taking longer to complete. “I don’t have any issues with it,” he told several hundred real estate professionals attending the panel.
Dan Chiesa, vice president of national mortgage production at Quicken Loans, says his company has closed 3,800 loans since the changes took effect on Oct. 3. He said some were delayed but most closed no later than the typical loan prior to the new rules.
Under the changes, the Good Faith Estimate was replaced with a Loan Estimate and the HUD-1 Settlement Form was replaced by a Closing Disclosure. The Closing Disclosure must be given to buyers at least three days before closing to give them a chance to review the final numbers. The rules also include other disclosure and timing changes. The new process stems from the TILA-RESPA Integrated Disclosure (TRID) rule, which came out of 2010 banking reform legislation. The Consumer Financial Protection Bureau, which wrote the rule, calls it “Know Before You Owe” and has created a website to help agents understand the new process.
One recurring issue has to do with agents obtaining a copy of the Closing Disclosure. Some lenders, citing federal privacy rules, have been refusing to give a copy to agents, but panelists said there’s no reason agents can’t go to buyers directly and ask for a copy from them. Agents want the forms for their files and also use the information on them for inputting sold data in the MLS.
Another issue is confusion over which license number to put on the form. It asks for the “brokerage” number but it’s actually the agent’s license number that should be put on the form, the panelists said.
Don’t let these guidelines deter you from purchasing your Orlando Vacation home as they are kept up for you, the buyer.
Low home prices and low interests rates means we are seeing more New Home buyers looking for property and the CFPB’s mandate to make it easier to shop for a mortgage is now in effect.
One of the most daunting parts of buying a home is wading through the reams of paperwork that come with securing a mortgage. But the process just got simpler, as of October 3, new mortgage rules make it easy for rookie home buyers. Lenders must provide borrowers with two new mortgage disclosures, replacing the four that were previously issued. The forms, created by Consumer Financial Protection Bureau, are streamlined and easier to understand.
“The documents are designed to be more transparent and understandable, and I think they are really well done,” said Holden Lewis, a mortgage analyst at Bankrate.com, which tracks loan rates.
Consumers, including first-time home buyers, can now feel more confident about comparing mortgages and signing on the dotted line when buying a home. A survey published earlier this year by the CFPB found that nearly half of all homebuyers do not shop around for a mortgage. If you’re in the market for a home loan, here’s what to expect.
When you apply for a mortgage. Under the new rules, lenders must provide you with the first of the new forms, called a loan estimate, no later than three business days after you’ve applied for a mortgage for your Florida Vacation Home. The three-page document lays out the terms of the mortgage, including the loan amount, interest rate and closing expenses.
It also provides two key numbers: how much the loan will cost you in terms of principal payments, interest, closing costs and mortgage insurance (if applicable) over the next five years, and how much principal you will have paid off over the same period.
“You can look at those two numbers and easily compare one loan to the next,” Lewis said. “It will make the mortgage decision easier for a lot of people. The CFPB recommends applying for a mortgage from at least three lenders before selecting a loan.
When you close on a home. Once you’ve picked a lender, you must receive the second disclosure, known as the closing disclosure, three business days before your scheduled closing date.
Previously, lenders provided a similar disclosure just 24 hours in advance, if requested, leaving you little time to spot potential errors.
The closing disclosure is five pages and contains much of the same information that you’ll find on the loan estimate. “The closing disclosure is much clearer now,” Lewis said. “You can compare it side by side with the loan estimate to see what’s changed. And I think people will feel more confident and secure that nothing will sneak past them, that they got the loan that they were promised.”
Keep in mind that if your lender makes any significant changes to your loan after the closing disclosure has been sent – say, your interest rate increases – a new discolsure has to be issued and the three-day waiting period resets, potentially pushing back your closing date.
As such, Lewis said buyers should be especially conscientious about their credit profile.
“A lot of first-time homebuyers may be tempted to buy new appliances and tools for their home, opening a store credit card to get a discount when you make the purchases,” he said. “But a new credit account could push down your score,” and consequently drive up your loan rate if the lender checks your credit score a day or two before closing. “Just don’t do it,” he said.
This Orlando Home for Sale is located in Oak Island Cove one of the closest communities to Disney is this 4 bedroom 3 bathroom pool home. Great floor plan with two full master bedrooms (en-suite) and two further bedrooms sharing a house bath. Ceramic tile through the main living areas and bathrooms and carpet in each of the bedrooms keeps it cool and easy to clean. Outside the pool deck has been extended to the full width of the home providing plenty of space to relax and enjoy the Florida sunshine and a covered lanai offers shade for dining and entertaining. Just minutes from all the shops and restaurants on Hwy192, I4 and all the central Florida attractions.
