Homebuying June 19 2018

Homebuying Hurdle: Industry Reputation

It’s natural to feel a little weary about home buying and the mortgage industry. The financial crisis of 2008 created the largest disruption to the U.S. housing market since the Great Depression, leaving a lot of Americans to lose out on the dream of homeownership. Luckily, policymakers were proactive in establishing and trying to ease the effects of the crisis to help ensure that it does not happen again in the future:

Consumer Financial Protection Bureau

As a response to the financial crisis, the Consumer Financial Protection Bureau (CFPB) was created. The CFPB is a government agency responsible for protecting the consumer from unfair, deceptive or abusive practices.  Their main focuses are student loans, credit cards, and mortgages. The CFPB enforces rules for financial institutions, they also address consumer complaints. They even accept suggestions from consumers through social media and their website. No matter what, the Consumer Financial Protection Bureau exists to protect you.

The Loan Estimate

A Loan Estimate (also known as an LE) is a document that breaks down all of the estimated payments due upon closing your mortgage loan. This is set to help borrowers shop and compare costs. The LE outlines all of the costs of your mortgage loan, including loan amount, term, interest rate, and more. Lenders are required by law to provide you an LE within three business days of receiving your loan application.  

Get to know your loan estimate.

What to look for

 

TILA-RESPA Integrated Disclosure

The TILA-RESPA Integrated Disclosure is commonly referred to as TRID (only in the mortgage industry will you find an acronym for an acronym) and was designed to help borrowers understand the terms of their home financing. It is known as the “Know Before You Owe” rule. Thanks to this rule, you will find that your loan documents are easier to read and that all of the terms are clearly displayed in order to assist you in making an educated decision, before you agree to make, potentially, the largest purchase of your life.

Why Trust Eagle?

We set high standards when it comes to caring for our customers and our community. Our core beliefs – Quality, Value, and Integrity – are part of the underlying foundation on which we were built, and they continue to guide us today. Our associates are committed to always doing the right thing for the right reason and approaching your home loan with integrity.  

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January 25 2017

Mortgage Tip #1 - Do Not Change Jobs

It is important that the lender knows you are reliable and have a steady income. One way of proving this is to not suddenly change jobs. Since employment verifications happen within five days of closing, it's best not to make any large lifestyle changes...

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January 24 2017

Breaking Down Your FICO Score

Most people are familiar with the FICO score version of the credit score. Scores on the FICO scale range from 300 to 850. However, there isn’t just one credit score range to go by. There are different types of credit scores, and each of them has its own...

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January 20 2017

Tips on Buying in a Tight Market

Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps. Get prequalified for a mortgage. You'll be able to make a firm commitment to buy and make your offer more desirable to the seller. Stay in close...

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January 20 2017

Tips for Finding the Perfect Neighborhood

The neighborhood you choose can have a big impact on your lifestyle, safety, available amenities, and convenience all play their part. Make a list of the activities, movies, health club, church you engage in regularly and stores you visit frequently. See how far...

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January 20 2017

4 Tips to Getting Your Finances in Order

The beginning of a new year is the perfect time to improve your finances, even though it may sound like a dull task. For some, the idea of sorting out their finances isn’t very appealing, but it can help set yourself up for a solid financial...

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January 14 2017

What Is a REALTOR?

A real estate agent is a REALTOR when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS, The Voice for Real Estate -- the world's largest professional association. The term REALTOR is a registered collective membership mark that identifies a real...

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January 14 2017

What Your Home Inspection Should Cover

Siding: Look for dents or buckling Foundations: Look for cracks or water seepage Exterior Brick: Look for cracked bricks or mortar pulling away from bricks Insulation: Look for condition, adequate rating for climate Doors and Windows: Look for loose or tight...

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January 14 2017

What Is Appraised Value?

It's an objective opinion of value, but it's not an exact science so appraisals may differ. For buying and selling purposes, appraisals are usually based on market value: what the property could probably be sold for. Other types of value include...

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January 14 2017

The Pros and Cons of Condos

Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy. Storage. Some condos have storage lockers, but usually there are no attics or basements to store belongings. Outdoor space....

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