Tag Archives: Lender

Garage Door Security Tips To Prevent A Break In Or Theft

Garage Door Security Tips to Prevent A Break In Or Theft

You have checked all the windows to make sure they are closed and locked, doubled-checked the doors, let the neighbors know you are out of town, informed the mail so it does not pile up out front, and activated all the passive security systems in your home. However, one area is often overlooked as you pull out of your garage and leave; the garage you just left.

The modern-day garage is a favorite place for thieves to gain access to your home.

There are three main types of garages that your home may have and each one requires its own safety measure. The first two are attached garages, and they can be divided into two categories: 1) the front of the house garage that faces the street and 2) the rear garage, which is out of view from the street.

The third type of garage is the detached garage. It is particularly dangerous if it is not secured properly because it allows a staging ground for thieves to enter the premises.

Here are a few pieces of advice that will help protect your home:

Use Your Garage. Park your car inside the garage when it is not being used or if you are leaving by other means. Many people leave their garage door opener in their car and all it takes is something like a broken window in your car, which can give a thief access to your home. To combat this, you can also make sure to remove the remote if you leave your car outside of the garage.

Disable the Electric Motor. If you are leaving for an extended period of time, detach your electric garage door opener. This is usually a very simple thing to do. Most electric garage door openers have a rope or chain you pull down to disconnect the electric motor from the chain that operates the door. This protects you in two ways. First, if a thief used a frequency scanning device to obtain your code, it will be of no use since it is not operable. Second, it would require a thief to physically go to the door, which the neighbors could see.

Bolt It. Use a manual sliding bolt-style lock on the inside of your garage door that can only be opened from the inside.

Keep It In Good Condition. Make sure the garage door is properly functioning and that there is no damage to the panels which a thief can use to get in.

Keep It Contained.– Do not leave important items in the garage and make sure to lock the door into your home. If thieves do break into the garage, you want to make sure that is all they can access. Place a deadbolt and anti-kick device on the door which leads to the garage from the home on a connected garage.

For the detached garage make sure you follow the same principles as if it was connected to your home. If the garage is out of view it is even more important. Most importantly, do not keep valuables in your garage.

Kristen Haynes, Broker In Charge, GC, CMRS

Platinum, Multi Million Dollar Producer, Selling Carolinas Real Estate since 1992

Direct: 704-905-4062 Toll-Free: 1-877-372-2252

Email: khaynes@newhomesnc-.com Web: www.NewHomesNC-SC.com

http://www.fivestarprofessional.com/profiles/281817

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Should We Get A Loan Pre-Approval Or A Loan Pre-Qualification?

New Changes On The Horizon For Closing Procedures and HUD 1 Closing Statements

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May 4, 2015

Changes in the Closing Process – What you Need to Know

By Michele McCaskill, Vice President of Risk Management, Charlotte Regional Realtor Association

Ken Trepeta, director of real estate services for the National Association of Realtors®, was in Charlotte April 24 to discuss the RESPA/TILA changes that go into effect October 3, 2015. These changes effectively alter the way the closing process, as you know it, will work.

Trepeta’s presentation hit the highlights of what real estate professionals need to know about these changes and offered some tips that could make the entire process easier to manage. For those of you who missed the presentation, here is a brief recap.

The goals of the changes were to make the mortgage disclosure forms easier to use, to improve consumer understanding of the process, to aid comparison shopping and to prevent surprises at the closing table. However, these new changes are leaving everyone – from real estate professionals, lenders and real estate attorneys – confused and concerned.

To begin with, these changes have resulted in two very different-looking forms that replace the HUD-1 Settlement Statement, the Truth in Lending disclosures (TIL) and Good Faith Estimates (GFE) you have all become so familiar with. Instead you will soon be using the Loan Estimate (LE) and Closing Disclosure (CD) forms. The new LE and CD apply to most closed-ended consumer mortgage loans but do not apply to such things as home equity lines of credit, reverse mortgages, mortgages secured by mobile homes or by dwellings not attached to the property, or a creditor that makes five or fewer mortgage loans in one year.

On August 1, the GFE and TIL disclosure will be replaced by the Loan Estimate (LE). The LE provides a summary of key loan terms and estimates of loan and closing costs. Oddly enough, Trepeta says, the LE is not really an “estimate” in many respects, as lenders will now be held to the exact number on more of the charges listed on the LE than they have been in the past and will have to come within 10% on many of the others.

In addition, lenders must provide the LE to consumers within three business days after submission of a loan application. Once six key pieces of information have been submitted to the lender (name, income, social security number, property address, estimate of property value and the amount of the loan sought), an “application” has been submitted and the LE must be sent out. Lenders may not charge a fee until the LE is received by the consumer and the consumer has shown intent to proceed with the transaction.

And then there is the Closing Disclosure (CD). The CD must be received by consumers at least three business days prior to settlement. This means that if the CD is mailed, it should be mailed at least seven days before settlement. The CD replaces the final TIL disclosure and the HUD-1 Settlement Statement and provides a detailed accounting of the transaction. If certain major things have been changed on the CD, there is an automatic additional three-day wait time before the closing may occur.

Trepeta stated that now, more than ever, real estate professionals and other settlement service providers will have to be on top of their clients and customers. Realtors® should strive to keep communication between all parties flowing throughout the transaction to ensure everyone is on the same page with regard to the settlement process. He suggests that you have your clients ready for closing at least seven (7) days prior to the settlement date. This will help prevent unnecessary surprises at the closing table.

Most importantly, Trepeta advised Realtors® to caution their clients against making any last-minute changes. While not every change to the CD will trigger the additional three-day waiting period, any change could cause a delay. Since the lender is ultimately responsible for everything listed on the CD, any change requires going back to that lender for approval. If your lender is not at the closing table, this means tracking the lender down and waiting on that approval – a process that could delay your closing by anywhere from a few hours to a day or longer.

According to Trepeta, if you wish to avoid delays buyers should not expect to make changes at the closing table and sellers should not do anything that would require changes at the closing table. Listing agents, for example, should make sure their sellers abide by their original agreements, not taking items out of the home that the seller agreed to leave.

Trepeta made it clear that only three major changes to the loan terms would trigger the automatic three-day wait period: (1) a change in the annual percentage rate (APR) by 1/8^th of a percent up or down; (2) a change in the loan product or the loan terms; or (3) the addition of a pre-payment penalty.

As one example of how a last-minute change could affect the APR, Trepeta explained that if a seller decides to remove the dining room chandelier after agreeing it was to convey and then makes a $1,000 seller concession at closing to cover its removal, that concession could affect the APR, thus triggering the three-day wait period. Bottom line, if you can avoid making changes at the closing table, you should.

Trepeta stated that as of right now, there are still a lot of unanswered questions. For example, the new rules do not sufficiently address those unexpected and unavoidable changes. To help everyone navigate through this new territory, Trepeta suggests adding 15 days to the expected closing time and to other deadlines. For example, if you normally close in 30 days, expect that it may take 45 days to close. Of course it may not, but at least you are prepared by having built in the extra time you might need.

Another rule of thumb, said Trepeta, is that if you want to close on the 30^th, make sure you have everything ready by the 23^rd. He also suggested doing more than one walk-through. Realtors® may want to perform a “pre-walk-through” seven days prior to closing to allow enough time for changes to be made and approved prior to the actual settlement date. Then follow up with your final walk-through as normal.

There are many more rules surrounding this reform that Trepeta was not able to discuss in detail during his presentation, including tolerance limitations and minor revisions and corrections. However, there are many resources available for Realtors® as the August 1 deadline approaches.

You can watch Trepeta’s entire presentation in Charlotte here. For additional information on this topic, visit www.realtor.org/respa or sign up for the North Carolina Association of Realtors® webinar on May 13.

You may want to start familiarizing yourself with these new forms now so that when October 3rd rolls around, you will be ready. View samples of these documents here.

For more information on these upcoming changes, please contact Kristen Haynes, Broker In Charge, Realtor, GC, CMRS at New Home Buyers Brokers / Realty Pros: 704-905-4062 or khaynes@newhomesnc-sc.com. Web: www.NewHomesNC-SC.com

FREE DOWN PAYMENT ASSISTANCE AND GRANTS ARE NOW AVAILABLE FOR NC RESIDENTS TO HELP YOU BUY A HOME!

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FREE DOWN PAYMENT ASSISTANCE PROGRAMS ARE NOW AVAILABLE IN NORTH CAROLINA FOR QUALIFIED HOME BUYERS!

If your income or the need for down payment assistance has kept you out of the housing market, our home buyer programs can give you the boost you need to own a piece of the “American Dream”!

If you need help with the down payment and closing costs, you may qualify for interest-free, deferred, forgivable second mortgages up to 3% of your down payment or other benefits by using a Qualified Realtor / Broker and Lender, or other assistance programs!

Our Real Estate firm, New Home Buyers Brokers and Realty Pros is one of the qualified Brokers in North Carolina who has the knowledge and experience to help you get FREE Down Payment Assistance to stop throwing your money way in rent and to help you buy the home of your dreams! To see if you qualify for one of the programs, call: Kristen Haynes, Broker In Charge, GC, CMRS at New Home Buyers Brokers: 704-905-4062 (Direct) or 1-877-372-2252 (Toll Free).

”Helping You Find Your Way HOME”!

www.NewHomesNC-SC.com or khaynes@newhomesnc-sc.com

Here are some of the available programs that you may qualify for:

The N.C. Home Advantage Mortgage™ offers competitive interest rates along with down payment assistance and reduced PMI rates to save you money on your mortgage payment every month, on top of the down payment, which is up to 3% of the mortgage loan amount for FHA borrowers (which normally will cover almost all of the required down payment), and 2% for Conventional borrowers. This down payment is fully forgiven after 15 years. This can be combined with the Mortgage Credit Certificate, for a “double home buyer bonus”!

The Mortgage Credit Certificate (MCC) enables first-time buyers to save up to $2,000 a year on their federal taxes.
For both first-time and move-up home buyers, the NC Home Advantage Mortgage™ provides qualified individuals with stable, fixed-rate mortgages and down payment assistance up to 5% of the loan amount. Even better, repayment of the down payment is required only if you sell, refinance or transfer your home before year 15—the down payment assistance is forgiven at 20% per year after 10 years in the home.
As an added bonus, if you are a first-time buyer or a military veteran, you may also be eligible to combine this program with aMortgage Credit Certificate (MCC) to increase your savings even more! We offer these products statewide through participating lenders.

The House Charlotte Program provides 10-year, deferred, forgivable loans to qualified Funds can be used to cover your down payment, closing costs, as well as for interest rate buy downs.

NACA provides credit counseling services, home ownership classes and grants for those who qualify.

The Good Neighbor Next Door Program is a federal housing program administered by HUD, for Police Officers, Firefighters, EMTs, and K-12 Teachers that offers up to a 50 % discount on the appraisal value of homes in specially designated “revitalization areas”, as well as “One Hundred Dollar Down” homes that qualify for FHA financing.

The N.C. Home Advantage Mortgage™

Available with 30-year, fixed rate FHA, VA, USDA and conventional mortgages, the N.C. Home Advantage Mortgage™ is a perfect match for buyers looking for safe, affordable financing. The mortgages offer competitive interest rates, lower PMI and MIP mortgage insurance rates (saving you more in your mortgage payment every month in MIP and PMI fees), AS WELL AS the FREE down payment assistance. These programs can be STACKED with other assistance programs for eligible borrowers (Charlotte Housing Partnership or NACA funds, VA loans, or other programs and grants available statewide in North Carolina.

Repayment is required only if you sell, refinance or transfer the home before year 15 of the loan – the down payment assistance is forgiven at 20% per year after you live in the home for 10 years, and fully forgiven at 15 years.

For more information on the Home Advantage Mortgage, click here: http://www.nchfa.com/home-buyers/interest-rates

Am I Eligible For The NC Home Advantage Mortgage With Down Payment Assistance?

You may be eligible for an N.C. Home Advantage Mortgage™ if:

you are buying a new or existing home;
you are a first-time OR a move-up buyer;
you buy a home in North Carolina and occupy it within 60 days of closing (this is not for investors who will not occupy the residence as their principal home;
you don’t exceed the income limits for the person on the loan (not the entire household, as in MCC);
you are applying for a FHA, USDA, VA or conventional loan through a Participating Lender and meet the sales price limits of the loan type;
you are a legal resident of the United States, and;
your credit score meets the basic requirements for the program.
If you choose an FHA, VA, or USDA loan, you will get 3 % towards your down payment. With conventional loans, you will receive 2 % towards your down payment.
The down payment can be “stacked” with other federal and state programs and with additional seller concessions towards closing costs, if you qualify, Seller concessions are limited to 3 % with Conventional loans, and up to 6 % with FHA loans.
Click the link below to see if you qualify via the income limits in your area: http://www.nchfa.com/home-buyers/income-limits

What Properties Are Eligible For This Free ‘Down Payment Assistance’ Program?

New and previously owned single family homes
Townhouses
Condominiums*
Duplexes*
Manufactured Homes (only new, never occupied, doublewide or greater manufactured homes on permanent foundations)*

*These property types are only available for FHA, VA and USDA loans, not conventional loans.

The Mortgage Credit Certificate (MCC)

If you are a first-time buyer and meet certain income and sales price limits, you may be eligible for a Mortgage Credit Certificate (MCC) worth up to $2,000 a year in tax savings. This federal tax credit can lower your income-tax liability, dollar-for-dollar, leaving you more money to use toward your mortgage. If you qualify, you will be able to claim 30% of the interest you pay on your mortgage if you purchase an existing home or 50% of the interest for a new home (never occupied) – up to $2,000 for every year you live in your home – as a tax credit on your federal income taxes.

MCCs can be combined with the N.C. Home Advantage Mortgage™ and other “stacked, eligible programs”, increasing the savings on your new home – as well as with any other qualifying lender mortgage program, including some adjustable rate mortgages.

How Does The MCC program work?

Suppose you qualify for an MCC and obtain a 30-year, 4% fixed-rate mortgage of $97,000 for the purchase of an existing home (not new construction). The first year’s interest payment is approximately $3,880. The MCC allows you to take a federal income tax credit of $1,164 ($3,880 x 30%) for that year.

If your federal income tax liability is $1,164 or more after you have taken all other credits and deductions, you receive the entire benefit of the MCC tax credit – $1,164. In figuring your taxes, you also claim a deduction for the remaining 70% of your mortgage interest.

If your federal income tax liability is less than $1,164—for example, $800—your tax is reduced by only $800 that year. However, the remaining credit can be claimed on tax returns for the next three years, if tax liability increases. Note that depending on your individual tax situation, the MCC may not always provide a tax credit benefit to you in a given year depending on your overall tax liability.

You can receive an immediate benefit from your MCC tax credit by filing a revised W-4 (Employee’s Withholding Allowance Certificate) with your employer. In this example, your federal income tax liability would be reduced by $97 a month ($1,164 ÷ 12). The extra $97 increases your take-home pay and helps make your house payments affordable.

The House Charlotte Program

Who Is Eligible For The House Charlotte Program?

Families with incomes that are 110% or less of the HUD Area Median Income are eligible for assistance. Participants must complete a pre-purchase homebuyer education program. The home must be a family’s primary residence and be located in one of designated House Charlotte eligible areas. Maximum purchase price of home is $155,000.

How The Program Works:

You must use a Registered Broker / Realtor and Lender to find and finance a home. Banks apply for the program on behalf of qualified buyers. To find out if you are qualified, contact your approved Broker / Realtor, who can also set you up with an approved lender.

The selected home must be located in one of the approved Charlotte Neighborhood Statistical Areas (NSAs). Each Charlotte neighborhood is further broken down into Neighborhood Profile Areas. To determine if the property of interest is eligible, and address search must be completed through the mapping application. Generally, these homes are located in disadvantaged areas that are “up and coming” but still have some growing to do.

Once your Realtor finds you a house in an eligible area, you will then ask your approved lender to apply for the House Charlotte program. You also must complete a homebuyer education program. In order to register for a home buying course, buyers may contact the Community Link or any other HUD-approved Counseling Agency to register for the program. There are income limits and area limits to be approved for this program.

Provides funding up to $5,000 for families with income above 80% AMI, up to 110% Area Median Income (AMI)House Charlotte Program Image.
Provides funding up to $7,500 for families with income at or below 80% (AMI)
Provides funding up to $10,000 for families with income at or below 60% AMI in select House Charlotte areas.
Provides funding up to $10,000 for buyers who are employed as sworn CMPD police officers. This is a 5-year deferred, forgivable loan.

NACA:

The Neighborhood Assistance Corporation of America (“NACA”) is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership.

NACA has made the dream of home ownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market.

The NACA homeownership program is one answer to the huge subprime and predatory lending industry. NACA has conclusively shown that when working people get the benefit of a prime rate loan, they can resolve their financial problems, make their mortgage payments and become prime borrowers. NACA’s track record of helping people who have credit problems become homeowners or refinance out of a predatory loan debunks the myth that high rates and fees are necessary to compensate for their “credit risk.”

NACA has access to billions of dollars of mortgage funds for primarily low- and moderate-income people and people purchasing in low to moderate-income communities.

Eligibility and Program Details:

Purchase and Rehab loans

DOWN PAYMENT: None

CLOSING COSTS: None (paid by lender)

INTEREST RATE: One percent below the prime market rate

Current Interest rate: 30 year fixed (as of )

BUY-DOWN: Funds to Permanently Reduce Interest Rate

One percent of mortgage amount reduces interest rate by one quarter of a percent (.25%). This is a tremendous added benefit.

APPLICATION FEE: None (paid by lender)

POINTS & FEES: None (paid by lender)

Lender Grants: Lenders with NACA provide a grant for low and moderate income (“LMI”) homebuyers and those purchasing in LMI communities that matches a down payment with funds for an additional buy-down. You must become a member, attend Home Counseling sessions and the property must be located in a NACA, Urban Designated Housing area to utilize this program. You lso must use a NACA approved lender and Realtor / Broker.

CREDIT HISTORY:

Perfect Credit Not Required

Member’s personal payment history evaluated without consideration of his/her credit score.

P.M.I.: (Private Mortgage Insurance) None

Membership: (Neighborhood Stabilization Fund) None

OTHER TERMS: No yield spread premium; No pre-payment penalty; No balloon payment; No required credit life, or other unnecessary or overpriced insurance.

The Good Neighbor Next Door Program:

Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

How the Program Works:

Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.

How to Participate in The Good Neighbor Next Door Program:

Call a HUD- Approved Broker in North Carolina who will help you check the available listings for your state. Follow the instructions from your Realtor to submit your interest in purchasing a specific home. If more than one person submits on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD’s regulations for the program.

Eligibility Details:

This program is only available to Police Officers, Firefighters, EMT’s, and K-12 Teachers.

Those buyers can get a 50 percent discount off the HUD appraised value of a home in specially designated ares. For example, if HUD lists a home at $100,000, you can buy it for $50,000 provided, you occupy the home as your personal residence for the required occupancy period. If you qualify for any FHA-insured mortgage program, your down payment is only $100 and you may finance closing costs.

You must live in the home for 36 months after the purchase.

The program is available for those with cash or using Conventional, FHA, VA financing.

This program can be “stacked” and combined with FHA financing (even with 203 K or 203 B “Rehab” loans.

If the buyer uses and qualifies for FHA financing, they also might qualify for the “$100 Down Payment” plan. Call your Realtor to see what you qualify for and what is available on the market with this $100.00 Down Payment program (areas are limited).

HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement.

CREDIT REPAIR COUNSELING COMPANY:

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Here’s a FREE, informative guide for you from Hope 4 USA, so you can start taking steps to rebuild your credit score so you can purchase the home of your dreams:

http://www.hope4usa.com/free-credit-repair-toolkit

Ready To Start Searching For Your Next Home? See What’s Out There Today!

Start your FREE Home Search today by calling Kristen Haynes at new Home Buyers Brokers at 704-905-4062 or by downloading this new, FREE App on your Smartphone or Tablet!

To Use This 100 % FREE, “Home Scouting” Home Search App:

Go to your phone’s App Store and download the “Home Scouting” application.
Enter VIP Code: 7049054062 (no dashes).
Create your own anonymous User Name And Password- then you can use it to log in on a desktop, too! It’s that easy!