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TRID is the new HUD1, TILA and RESPA forms combined
TRID stands for TILA-RESPA Integrated Disclosure rule and as of October 3rd 2015 it replaced the HUD1 Settlement Statement, Truth-in-Lending forms, and RESPA Forms for all residential real estate transactions that contain a mortgage loan for a primary or second home purchase and refinance.
Non-commercial investment real estate properties maybe included in TRID. Most Americans have been used to seeing the HUD1 (settlement statement) for the last 40 years or so with their real estate transactions. The biggest part of TRID is that it will be prepared by the lender not the title company or closing attorney.
Contact us for an informal discussion about how you can prepare yourself well in advance.
Do you work part-time?
Many companies have changed employee's statuses from full time to part time as an impact of the Obama care legislation. Understanding how the change from full-time status to short-time status at work has a direct effect on your eligibility for getting a mortgage is something you should look at before you start looking for a new home.
In order for a part-time worker to obtain financing for a home mortgage loan you need to have a '2 year history of part time income' showing on your tax returns, in order to count that income for your mortgage loan.
Many part-time workers are working nearly the same hours as full time contracted personnel and have around the same income but their employers have changed the employment status to 'part time as needed' even though they are often working over 40 hours per week.
Because this status changes your income of 'full time' to 'part time uncertain' you will be denied your mortgage loan under the 'ability to repay rule'.
By alerting us to this scenario at an early stage we can explain which are the best options open to you and save you hours of wasted time.
For more information about things to look our for click here.
Refinance your mortgage and save thousands
If you already own your own home and still have a mortgage in place, now is probably the best opportunity you will ever get to 'Refinance your home in Florida'. Interest rates are beginning to rise from record lows and forecast expect them to increase further now that the property markets has bottomed out in most regions.
Refinancing your home at these low interest rates can represent extra cash flow for you and your family on a monthly basis. Read more about refinancing your mortgage.
First Time Buyers
Did you know that you can qualify to be a first time buyer if you have not owned a home in the last 3 years?
Did you know that in Florida, 'first time buyers' are able to receive financial assistance in the form of loans and grants which will enable them to purchase their homes without having to find hefty down-payments.
Of course like most everything else today this too is subject to conditions and criteria, but these first time buyer programs hold great hope for first time buyers thanks to substantial financial incentives. Read more about getting a mortgage as a first time buyer in Florida.
Reverse mortgages are an excellent solution to financial concerns for many seniors across Florida. However they are not for everyone and applicants should be confident that they understand the negatives as well as the positives prior to signing up for a reverse mortgage
Read about Reverse mortgages and find out whether it is a suitable option for you. If you are not yet a home owner or are maybe moving to Florida as a retiree you should also check out 'Reverse mortgage purchase' options.