Quincy Housing Market and The Mortgage Disclosure Improvement Act
“When the Case-Shiller index reports that home prices have reversed course and are finally rising again, and you know that Case-Shiller has been the gloomiest, scariest-headline-producing monitor of the real estate market for the past three years — some say: We have truly turned the corner here.”
The Mortgage Disclosure Improvement Act has come into force upon the Quincy real estate markets. The days when loans could be given without verification are over. These new lending practices will make buying Quincy homes even harder. However, with the help of a good real estate agent these new obstacles can be easily overcome. Let’s examine what the new laws do,
“Collection of Fees: The only fee that can be charged to the borrower prior to the loan application is a credit report fee. This fee must be reasonable, which is usually between $12-35 dollars depending on the company and whether the report is for a single borrower or joint.
New Business Day Definition: Saturdays are now included as business days on all regulations. If you see any paperwork that discusses time lines for a mortgage, Saturdays are included. Sundays and federal holidays are excluded.
Timing of Disclosure: the law has always required disclosures within 3 days of the application. The new added regulation is that the client cannot close within 7 days of the application. This gives the client time to review the loan terms offered to them
APR (Annual Percentage Rate) Change: If the APR increases by more than .125% since the last disclosure, the borrower must be re-disclosed and cannot close for 3 days from last disclosure.”
The bottom line is before working with a Quincy Real Estate agent you need to ask yourself, is this person well organized and detailed oriented? Most agents in today’s market have to do double the transactions to stay in business.
With these new laws in place, if your agent does not have a stellar stream-lined process you may end up having to pay a hefty price. I’ve found that nowhere is this more true then when dealing with Quincy short sales. This is why I always explain to my clients that I have a very detailed process to handle any transaction.
