According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 4/16/09:
Conforming 30 Year fixed rate is 4.75%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5%
Thursday, April 16, 2009
Friday, April 10, 2009
Current Mortgage Rates 4/9/09
According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 4/9/09:
Conforming 30 Year fixed rate is 5%
30 year Fixed rate is 5.75%
5/1 ARM is 4.5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5%
Conforming 30 Year fixed rate is 5%
30 year Fixed rate is 5.75%
5/1 ARM is 4.5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5%
Friday, April 3, 2009
Current Mortgage Lending Rate 4/3/09
According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 4/3/09:
Conforming 30 Year fixed rate is 4.75%
30 year Fixed rate is 5.75%
5/1 ARM is 4.75%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 5%
Jumbo 15 Year Fixed rate is 5.125%
Conforming 30 Year fixed rate is 4.75%
30 year Fixed rate is 5.75%
5/1 ARM is 4.75%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 5%
Jumbo 15 Year Fixed rate is 5.125%
The Role of a Title Company
Title companies provide title insurance services to buyers, sellers, lenders and developers, essentially anyone who has an interest in real estate. Services vary throughout the country, depending on local practices and laws. In Connecticut, title companies perform and insure title searches. A title search involves searching public records to ascertain if the seller has the legal right to sell the property. In other states, attorneys conduct title searches.
Title companies conduct a chain of title, which is a review of the owner history of the property, checking for who purchased the property, who sold it, and when. They perform judgment searches to determine whether there are any general liens against the property, as well as tax searches to verify the present status of taxes.
Some title companies conduct on-site inspections to verify lot size, the location of improvements, and evidence of unrecorded easements.
They issue a “Commitment of Title Insurance” to lenders after completion of the title search and they receive instructions and documents for the closing. Title companies also prepare a final Settlement Statement.
As a neutral third party agent of the principals—buyer, seller, lender, and borrower—the title company helps with the transfer of ownership by ensuring that the terms of the transaction are completed.
Another important role of the title company is to issue title insurance. Although a title search is conducted, it’s nearly impossible to guarantee a title is clear of hidden defects, such as mistakes in interpretation of wills and other legal documents, impersonation of the real owner, forgery, missing heirs, falsification of records and confusion stemming from similar names. Title insurance guarantees the title as reported.
Should hidden defects surface at any time challenging an owner’s rights, the title company will defend the title, in court, if necessary, and cover the owner’s losses up to the full value of the policy.
Indeed, a title company can be crucial to the process of buying a home. Your attorney typically takes care of ordering the title search and oversees your purchase of title insurance, which mortgage lenders typically require.
Title companies conduct a chain of title, which is a review of the owner history of the property, checking for who purchased the property, who sold it, and when. They perform judgment searches to determine whether there are any general liens against the property, as well as tax searches to verify the present status of taxes.
Some title companies conduct on-site inspections to verify lot size, the location of improvements, and evidence of unrecorded easements.
They issue a “Commitment of Title Insurance” to lenders after completion of the title search and they receive instructions and documents for the closing. Title companies also prepare a final Settlement Statement.
As a neutral third party agent of the principals—buyer, seller, lender, and borrower—the title company helps with the transfer of ownership by ensuring that the terms of the transaction are completed.
Another important role of the title company is to issue title insurance. Although a title search is conducted, it’s nearly impossible to guarantee a title is clear of hidden defects, such as mistakes in interpretation of wills and other legal documents, impersonation of the real owner, forgery, missing heirs, falsification of records and confusion stemming from similar names. Title insurance guarantees the title as reported.
Should hidden defects surface at any time challenging an owner’s rights, the title company will defend the title, in court, if necessary, and cover the owner’s losses up to the full value of the policy.
Indeed, a title company can be crucial to the process of buying a home. Your attorney typically takes care of ordering the title search and oversees your purchase of title insurance, which mortgage lenders typically require.
Tuesday, March 24, 2009
What a Buyer Should Expect During the Closing
The last step in the home buying process is what real estate professionals commonly refer to as “the closing.” The closing, or settlement, is when all the progressive steps in buying a home from the acceptance of the offer, title search, home inspection, mortgage approval, and so on, come together in a final transaction. The documents are ready to sign, the buyer is ready to hand over the purchase price and the seller is ready to transfer title—and most importantly the keys!
Usually held in an office setting, most require about an hour and may be attended by some or all of the various parties in the process: the buyer, seller, real estate sales professionals and attorneys for both parties and sometimes the lending institution.
What goes on during the closing? The buyer reviews and signs loan and real estate documents, as well as pays for the property, closing and other costs. One such loan document is the federal Truth-in-Lending disclosure form which describes the annual rate of financing (APR), finance charges, amount financed, total of payments and the payment schedule. There will also be a form itemizing what your monthly payment consists of including the principal, interest, taxes, insurance and other monthly charges. If everything is in order, the buyer signs the loan papers.
Real estate documents are just as important. There’s the HUD-1 form, which you have the right to inspect at least one day before the closing. This statement itemizes services provided and the fees charged for the entire real estate transactions. There will be a breakdown of the seller’s and buyer’s (borrower) financial obligations. Some of the charges include appraisal fee, credit report fee, loan origination fee, loan discount (points), title insurance fee, government recording fees, PMI Premium, inspections and attorney fee.
Other real estate documents that may be reviewed and/or signed include title documents, warranty deed (which transfers the title of the property) and other acknowledgment of reports.
Assuming that the funds are in order, the deed is correct and the title is clear, the final step is the disbursement of funds to the seller for the purchase price of the home. The title company should already have the loan funds in its possession, but the buyer will need to bring a cashier’s or certified check for the down payment and the closing costs if it was not included in the mortgage loan. If the buyer’s annual real estate taxes and homeowner’s insurance will be paid through the lender, an escrow account will also be established.
Once all the papers are signed and funds are disbursed, the buyer will receive the keys and is now the new homeowner.
Usually held in an office setting, most require about an hour and may be attended by some or all of the various parties in the process: the buyer, seller, real estate sales professionals and attorneys for both parties and sometimes the lending institution.
What goes on during the closing? The buyer reviews and signs loan and real estate documents, as well as pays for the property, closing and other costs. One such loan document is the federal Truth-in-Lending disclosure form which describes the annual rate of financing (APR), finance charges, amount financed, total of payments and the payment schedule. There will also be a form itemizing what your monthly payment consists of including the principal, interest, taxes, insurance and other monthly charges. If everything is in order, the buyer signs the loan papers.
Real estate documents are just as important. There’s the HUD-1 form, which you have the right to inspect at least one day before the closing. This statement itemizes services provided and the fees charged for the entire real estate transactions. There will be a breakdown of the seller’s and buyer’s (borrower) financial obligations. Some of the charges include appraisal fee, credit report fee, loan origination fee, loan discount (points), title insurance fee, government recording fees, PMI Premium, inspections and attorney fee.
Other real estate documents that may be reviewed and/or signed include title documents, warranty deed (which transfers the title of the property) and other acknowledgment of reports.
Assuming that the funds are in order, the deed is correct and the title is clear, the final step is the disbursement of funds to the seller for the purchase price of the home. The title company should already have the loan funds in its possession, but the buyer will need to bring a cashier’s or certified check for the down payment and the closing costs if it was not included in the mortgage loan. If the buyer’s annual real estate taxes and homeowner’s insurance will be paid through the lender, an escrow account will also be established.
Once all the papers are signed and funds are disbursed, the buyer will receive the keys and is now the new homeowner.
Thursday, March 12, 2009
Current Mortgage Lending Rate 3/12/09
According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 3/12/09:
Conforming 30 Year fixed rate is 5%
30 year Fixed rate is 6%
5/1 ARM is 5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 5.25%
Jumbo 15 Year Fixed rate is 5.375%
Conforming 30 Year fixed rate is 5%
30 year Fixed rate is 6%
5/1 ARM is 5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 5.25%
Jumbo 15 Year Fixed rate is 5.375%
Tuesday, March 10, 2009
Current Mortgage Lending Rates 3/3/09
According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 3/5/09:
Conforming 30 Year fixed rate is 5.125%
30 year Fixed rate is 6%
5/1 ARM is 5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 5.25%
Jumbo 15 Year Fixed rate is 5.375%
Conforming 30 Year fixed rate is 5.125%
30 year Fixed rate is 6%
5/1 ARM is 5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 5.25%
Jumbo 15 Year Fixed rate is 5.375%
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