Timios Title & Escrow

Next up on the ABC's of Homebuying the good faith estimate, or GFE. A very important document, especially in the early stages of the home buying process, the GFE outlines the estimated costs and terms for a home loan. Under the Real Estate Settlement Procedures Act (RESPA), lenders were required to provide this to a borrower within 3 days of filing a mortgage application. Since 2015, this has been replaced with the loan estimate form, which serves the same basic purpose g...iving the borrower an idea of how much a loan costs. The GFE, or loan estimate form, essentially allows borrowers to shop around for loans. Without it, there would be no basis for comparison when it comes to mortgage costs. Some typical figures the documents provides are: estimated interest rate, monthly payment, and total closing costs for the loan. Have any questions? Leave a comment below, and stay tuned for the next installment! #realestate #title #escrow #realestatereimagined #homebuying #homeloans

We don't just strive for excellence at the signing - we provide a superior end-to-end closing experience! #timios #title #escrow #realestate #closing #realestatereimagined

This week on our ABC's of Homebuying series - forbearance. A lender may issue a forbearance for a number of reasons, but typically it is issued as a result of financial hardship. This year is especially relevant, as borrowers may request a forbearance under the CARES act in the wake of the COVID-19 Pandemic, if they have a federally or GSE-backed mortgage. During a forbearance period, a borrower does not need to pay their monthly mortgage, and no additional fees, penalties, ...or interest will accrue. Additionally, the lender cannot foreclose on a property if the mortgage is under forbearance. If you wish to know more about forbearances, or are in need of a forbearance on your mortgage, speak to your loan provider first and foremost. Otherwise, leave a comment below! #realestate #title #escrow #realestatereimagined #homebuying #homeloans

Last week, the home-loan rate was under 3% for the ninth week in a row this, combined with a limited inventory of for-sale homes, have driven sales prices higher than they have been since December 2018. https://www.housingwire.com//home-price-index-gains-the-m/ #realestate #mortgage #news #economy #refinance #homeloans #realestatereimagined

When we make a promise, we keep it! #timios #title #escrow #realestate #closing #realestatereimagined

No surprises and one VERY happy customer! #timios #title #escrow #realestate #closing #realestatereimagined

This week on our ABC's of Homebuying series - earnest money, also known as the "good faith deposit". The deposit is provided by the buyer after a purchase agreement is completed and signed. It displays interest in the sale, and provides some assurance to the seller that the buyer is taking the deal seriously. There are two main features of earnest money; it gives the buyer time to conduct inspections and secure financing, while also taking the home off the market. In many cas...es, the deposit may be refunded if something goes wrong during the transaction. Typically the amount is between 1 and 2 percent of the home purchase price, but in hot markets, it can range anywhere from 5 to 10 percent. Stay tuned for another installment next week, and as always, leave a comment if you would like to see a specific term covered in the future! #realestate #title #escrow #realestatereimagined #homebuying #homeloans

Recently received this big praise from a borrower customer satisfaction keeps us going! #timios #title #escrow #realestate #closing #realestatereimagined

The deed is the ultimate product in the real estate transaction, allowing ownership to transfer from the seller to the buyer. The transfer takes place after everything else in the process, recording after all paperwork has been signed. What takes place behind the scenes: the lender will obtain a title insurance policy from a title company. This ensures that the deed to the house is free and clear of liens and disputes over ownership. This is a requirement in virtually every t...ransaction involving a home loan. We will be going over other related aspects to the title insurance process as the series progresses, but if you have any questions, leave them in the comments below! #realestate #title #escrow #realestatereimagined #homebuying #homeloans

A predicted 15% drop in home sales this year is instead shaping up to look like a 1.1% gain thanks to low interest rates. In July, home sales jumped to 25%, up from the 21% record-setting gain in June. https://www.housingwire.com//u-s-mortgage-rates-fall-to-a/ #realestate #mortgage #news #economy #refinance #homeloans #realestatereimagined

The FHFA has been pushing to recapitalize Fannie Mae and Freddie Mac, freeing them from government control - a move that would require them to hold about $240 billion combined in order to prevent a taxpayer-funded bailout. Both CEO's acknowledge, however, that doing so would increase borrowing fees by .15 to .35 percentage points. https://www.housingwire.com//fannie-freddie-say-fhfas-cap/ #realestate #mortgage #news #economy #refinance #homeloans #realestatereimagined

We always love to see a satisfied customer! And to show that it’s possible to be friendly AND fast. #timios #title #escrow #realestate #closing #realestatereimagined

This week on the ABC's of Homebuying - the contingency. Contingencies are typically attached to a purchase agreement, which we will cover later in the series. There are different forms of contingencies - the most common are appraisal, financing, and inspection. An appraisal contingency is used to ensure the property is valued correctly, a financing contingency allows the buyer time to acquire financing, and an inspection contingency guarantees the buyer a home inspection in a... specified time period. Contingencies are key to the home buying process, and help to ensure that both parties are satisfied with the conditions of the sale. Work with your agent, broker, or attorney to help determine which contingencies are right for your transaction. #realestate #title #escrow #realestatereimagined #homebuying #homeloans