 A Month of Change |
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This will be a month of change for my family. Our daughter is attending college in Mankato, after two years at Kirkwood. Our 18 year old son will be attending Kirkwood College as a Freshman and our 15 year old son will be schooling at home through the Cedar Rapids Home School Assistance Program. I'm excited for all my kids and the new experiences ahead of them.
May all the changes and challenges you face this month greet you gently.
Sincerely,
Wanda Tharp
Coldwell Banker Hedges Realty |
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| How to Save on Closing Costs |
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Once you get past the sticker shock, it is possible to save on closing costs, which are expensive. They can average between 2 to 3 percent of the total home purchase price.
Luckily, there are a few ways to save:
* Negotiate with the seller, who may pay all or part of the closing costs.
* A no-point loan. You may have to pay a higher interest rate, but if you are strapped for cash and can qualify for a higher interest rate, you may find this type of loan can significantly reduce your closing costs.
* A no-fee loan. Although the fee is usually wrapped into a higher rate loan, it does offer one advantage - you save on the amount of cash you would need up front.
* Secure seller financing. These loans typically avoid the traditional fees or charges imposed by lenders.
* Shop around for the best deal. Every lender has its own unique fee structure; you are bound to find one that works for you.
* Ask your favorite realtor to recommend a list of lenders. |
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| Gone are the days of fast closings... |
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Again, another over correction in the banking industry! You can check the website below for more detailed information.
Starting August 1, 2009 the banking industry will be required to do the following:
*require delivery or mailing of the early disclosures within three business days of receiving a consumer's mortgage loan application. A lender also must wait until at least seven business days after delivery of the disclosures before consummating the mortgage loan.
*require corrected disclosures to be delivered at least three business days before consummation if the annual percentage rate provided in the early disclosures changes beyond the tolerances provided in Section 226.22.
How does this affect the consumer?
*Shortest closing timeframe will be 45 days
*Any corrected disclosures will cause delays...pushing a closing date up or back for any reason...anything that will change the numbers.
What can you do?
*Get all your paperwork into your lender ASAP.
*Be Patient
*Beware that if you are "piggy backing" with other sellers/buyers (a transaction depends on the another transaction in order to close), may cause delays that are out of your lender or agents control.
Feel free to call me if you have any questions about this.
FDIC website:
http://www.fdic.gov/news/news/financial/2009/fil09026.html |
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Wanda J Tharp
Realtor
2200 1st Ave NE
Cedar Rapids, IA 52402
319-361-2383 (Direct)
319-364-8121 (Office)
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