Mortgage

The Closing Process Has Changed

The Closing Process Has Changed

The real estate industry changes constantly. While things like rates and loan products seem to evolve constantly, every few years something major will change that has a major effect on the industry. Every now and then, there will be perhaps a new version of the state contract or a new addendum that pops up. Things like this are perfectly fine as they are improved or developed to better serve our clients and they take very little time to acclimate to. However, some times there are major changes that can stunt the whole industry for a short period of time. Recently, it was revealed that we will be using an entirely new closing procedure when buying or selling a home. This was also designed to protect both buyers and sellers after many were unaware of their predatory loans in the mid-2000's. Rather than using the HUD-1 as the closing document that were all so used to, we will not be shifting to a new document and disclosures process. This process will take a little bit longer to get through than the old HUD-1, but it gives buyers much more transparency when it comes to their loan product. This blog post is all about the new RESPA-TILA activity and the new closing processes that have sprung from it. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC.

Mortgage Rates On Slight Rise This Week

Mortgage Rates On Slight Rise This Week

Mortgage rates have been near historic lows lately, which is causing a major increase in home buying. That is great news and it most certainly helps our economy as a whole. Now that the Federal Reserve is starting to see a healthy real estate market, they plan to increase our rates a small amount to try to recoup some surplus funds for Federal spending. The Federal Reserve adjusts this interest rate depending on the performance of our economy, as well as international events that may harm of benefit our National economy. This post just states the current rates and what we should expect to see in the coming days. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC!

First-Time Buyers Sacrifice Conveniences

First-Time Buyers Sacrifice Conveniences

I know I write an awful lot about millennials. But, I'm a millennial and millennials are quickly becoming the most potent group of consumers the world has ever seen. Just look at contemporary marketing or product design and you will see that everyone is aiming their volleys at us millennials. Whether you love us or hate us, we're here to stay. And we're starting to buy houses. Unfortunately, many millennials carry an astounding amount of student loan debt, which is hindering their ability to purchase their preferred homes. Fortunately, millennials are willing to sacrifice a number of things in order to get themselves into houses and achieve that American dream. This post discusses a number of sacrifices that millennials are willing to make in order to purchase their first home. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC!

This is How to Calculate Your Monthly Mortgage Payment

This is How to Calculate Your Monthly Mortgage Payment

Calculating your mortgage is a little bit more complex than just figuring out the principal and interest. Most shoppers do not figure their insurance and taxes into the equation when considering buying a property. The old acronym for your total monthly obligation is PITI (principal, interest, taxes and insurance). This blog post walks your through the process of how to figure out your entire monthly mortgage obligation (minus utilities, etc.). Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC!

How to Structure Your Real Estate Business (If At All)

How to Structure Your Real Estate Business (If At All)

Many people that are new to real estate investing get very hung up on how to structure their real estate business. For most small businesses, a good old LLC would be just fine. And for real estate, it is. However, real estate investors face a lot more liability than many other industries. If a tenant, contractor or vendor were to sue you, they could potentially make a claim on all of the properties you hold in that entity. Asset protection is very big point of discussion in the real estate world. For this blog post, we discuss some of the various business structures for your real estate business and try to figure out which one is the best for you. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC!