Rhode Island Supreme Court gives HOAs priority above mortgage liens Condominium association liens now hold "super-priority" February 19, 2016 Cynthia Barraza The Supreme Court of Rhode Island supports the homeowner's association “super priority” concept, making The Ocean State part of a growing list of states that are, in some fashion, ruling in favor of making … Continue reading Rhode Island Supreme Court gives HOAs priority above mortgage liens
Month: February 2016
New York launches undercover program to expose discrimination in real estate
Will use 'testers' to verify compliance with fair housing laws February 15, 2016 Ben Lane The state of New York is set to launch a new program that will use undercover “testers” posing as prospective homebuyers or renters to “root out” housing discrimination in the state, New York Governor Andrew Cuomo announced over the weekend. … Continue reading New York launches undercover program to expose discrimination in real estate
The TRID ripples: Time to close mortgage loans continues to rise
February 17, 2016 Ben Lane In the months since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule last October, repeated evidence shows the impact of TRID, whether the reports were anecdotal or statistical.Now, a new report from Ellie Mae shows more statistical evidence on how deeply the impact of TRID is being … Continue reading The TRID ripples: Time to close mortgage loans continues to rise
Should I buy a home while still paying student loans?
by Kathryn Vasel @CNNMoney I am a millennial with student loans which makes saving for a down payment on a house difficult. I am currently renting and feel like I may be throwing my money down the drain when I could be building equity. Should I consider a low down payment option or put … Continue reading Should I buy a home while still paying student loans?
Congress has voted to extend the Mortgage Forgiveness Debt Act to 2017. Originally passed in 2007, the act protects underwater homeowners from incurring tax bills on the debt forgiven during a short sale. **** This provides a tax exemption for homeowners for "income" resulting from debt forgiveness related to foreclosures, short sales and principal foregiveness … Continue reading Debt Relief
Home Prices Increasing
As a whole in the United States, home prices are increasing, up 0.8% in December 2015 compared to November 2015. Markets like Denver and Naples have had huge appreciation, while New Orleans and Rochester have decreased. Home prices were expected to increase 0.2% from December 2015 to January 2016. The actual number is to be determined. … Continue reading Home Prices Increasing
As Mortgage Rates Sink, Applications Rise
Mortgage applications are increasing as the rate falls. As of the week of January 18, mortgage applications rose 8.8%. Last year, the mortgage rate averaged 3.66%. In December, the Federal Reserve raised rates for the first time in almost 10 years. Currently, the rate for a 30 year mortgage is 3.79%, and the rate for a … Continue reading As Mortgage Rates Sink, Applications Rise