Zillow has been busy. That makes sense – it takes a lot of research activity and media attention to create the massive online presence they have. Their latest release is a data analysis with this headline: “14% of Renters Can Afford to Buy.” It’s human nature to react to headlines, and that’s a statement that can either prompt people to say, “Maybe I can qualify to buy a home!” or “There’s more than an 80% chance I can’t qualify to buy a home.” Outside of an initial reaction to a news story, many renters really do want to know two things: Could I buy a home? Should I buy a home? It’s definitely worth finding out the answer to both of these questions.
The “could” question can easily be answered by talking to a qualified mortgage loan officer. Qualified lenders can tell you what your status is now and help you get prepared to get approved for a loan if you’re not quite ready or have some work or organizing to do with your financing. A loan officer can help you plan and give you a timeline.
The “should” question is a little more complicated. Ultimately, the individual consumer needs to decide that homeownership is for them. Realtors can provide information to help you decide if owning a home will help you move forward with your goals in the short and long term. Housing is the biggest monthly expense most of us have. Advice from a qualified mortgage loan officer and Realtor can help you figure out how to get the best return on that huge monthly investment.
The GCS Title team and I can introduce you to great people who can help you answer the “coulds” and “shoulds” of owning a home. We’re here to help! ~Charlie
If you read the team bios at gcstitle.com, you’ll notice themes: We all appreciate how every day in this business is different, we thrive on solving problems and we love helping people – not only buyers and sellers who are going through an important transaction that they only do a handful of times in their lives, but the Realtors as well. The 2016 National Association of Realtors member profile came out recently and I noticed that the median gross income for agents with 16 years of experience or more went up $4600 last year – great news for those seasoned pros. Not so great news was the fact that NAR members with two years of experience or less fell $600. Being self-employed and working on straight commission is challenging and we understand the importance of every client and transaction to the Realtors we work with and we consistently work to help agents and loan officers to develop business instead of simply asking them for it.
Closings and everything that goes into them is our business at GCS but we believe our role extends beyond that in the industry and beyond. We also work with our real estate and lending partners to reach out to the buying and selling public, participate in community events with Spare Key, support our veterans through organizations like the American Warrior Initiative. We believe we’re all in this together and we’re always looking for ways to support our partners and community. How can we help you? ~Charlie
A lot of new rules and changes have hit the real estate and mortgage industries in the last few years. Here’s a little background and an update and then we’ll get to what you really need to know.
The intent of a lot of these new regulations – and all the acronyms that go along with them like CFPB and TRID – is to educate and protect consumers. The Dodd Frank Act is responsible for a lot of changes in the way business is done going forward and there are many folks opposed to all or part of the sweeping bill. A congressman from Texas has now introduced what he calls “the Republican plan to replace Dodd-Frank and promote economic growth.” Its name is Financial CHOICE Act— complete with its own acronym that stands for “Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.” It’s not clear if it will get anywhere – there’s no companion bill in the Senate yet or official reaction from the rest of Washington.
It’s almost impossible to keep track of everything politicians are up to with regard to real estate and mortgage regulation. For now, know this: You need to surround yourself with great professionals who are up to date on the rules, timelines and how to make the transaction go as smooth as possible for everyone involved. At GCS Title, we have an amazing team dedicated to doing just that. Meet our great people here: https://www.gcstitle.com/meet-the-team/
Whether you’re a Realtor, a loan officer, a homeowner or potential buyer, we want you to know “we get it” and we’re here to help. Call us any time! ~Charlie
It can be hard – and actually kind of boring – to keep up with everything lawmakers are passing that affects the real estate and mortgage industries in the interest of “protecting consumers.” The latest development out of Washington D.C. is passage of the SAFE Transitional Licensing Act that basically gives mortgage loan officers a temporary license when making a change. Those changes could be between companies or across state lines. Why should anyone who isn’t a lender in transition care? The government has spent a lot of time examining the real estate process – lending practices, settlement procedures, licensing, disclosures and marketing rules after the “real estate bubble burst” and the “mortgage meltdown.” All the new rules and scrutiny came after the waves of foreclosures and underwater properties that did in fact cause a great deal of suffering for individuals and the economy. Politicians will always be busy making laws – it’s what they do. We at GCS and the Realtors and lenders we work with also understand that consumers must be protected and empowered. Whether you’re a renter or homeowner, there are many times when real estate and mortgage professionals can be helpful – even outside the times when you’re buying, selling or refinancing. The housing and finance crises of years past have made Realtors and loan officers necessary members of your “household finance team” and they can help you stay on top of your home’s value, your credit, your ability to make a move and your options at any given time. Take advantage of their knowledge and commitment to neighborhoods, communities and your ability to build worth and wealth through homeownership! ~Charlie
The Spring-Summer market is underway and everywhere you read and watch, you’ll find comments about the real estate market, interest rate movement, shortages of homes for sale in certain areas and price ranges. People outside the real estate and mortgage industries may wonder what it all means – and if they don’t, they should. It’s so easy to draw a conclusion about how the market’s doing, whether or not it’s a good time to buy or sell, if mortgage interest rates are good and so on. The problem with that is, it’s virtually impossible to know whether or not that conclusion is true without information from a real estate and mortgage professional that was researched and prepared specifically for an individual or family. Here are some questions consumers should NEVER try to answer by reading the news or surfing the net alone:
- Can I afford and qualify for a home?
- Can I get enough money for my home to buy a different one?
- Are interest rates good or should I wait to see if they’ll go lower?
- Is it a good time to buy a home or are prices going to hold steady or go down?
These are just a few typical questions that should be verified with a review of your personal situation. Drawing the wrong conclusion based on general information or statistics can cause you to miss an opportunity. Don’t worry – you don’t have to “sign your life away” to get a professional, specific opinion. We at GCS Title work with many experienced professionals and can connect you with people who can answer your questions with no obligation or pressure. Let us know what questions are on your mind – we’re happy to help you get them answered. ~ Charlie