Closing Disclosure Wait Periods

Navigating Closing Disclosure Wait Periods

for Mortgages

In the intricate process of acquiring a mortgage, there are several steps involved to safeguard the interests of both borrowers and lenders. One such measure is the implementation of closing disclosure wait periods. These mandated waiting periods are designed to provide borrowers with ample time to thoroughly review the mortgage terms and disclosures before committing to the loan.

Understanding Closing Disclosures

A closing disclosure, also known as a CD, is a detailed document that outlines the final terms and conditions of a mortgage loan. It serves as a crucial tool for borrowers to assess the costs associated with the loan, including interest rates, fees, and other charges.

Waiting Period Requirements

Under the federal Truth in Lending Act (TILA), lenders are required to provide borrowers with the closing disclosure at least three business days prior to closing. This waiting period is intended to give borrowers an opportunity to carefully review the document, ask questions, and seek clarification if necessary.

Exceptions to the Waiting Period

While the three-business-day waiting period is generally mandatory, there are certain exceptions in specific circumstances. For instance, borrowers may waive the waiting period if they demonstrate a bona fide personal financial emergency or if they have already received and reviewed the closing disclosure.

Implications for Borrowers

The closing disclosure wait period plays a vital role in protecting borrowers' rights and empowering them to make informed decisions about their mortgages. By carefully reviewing the disclosure, borrowers can identify any potential discrepancies or issues and address them before finalizing the loan.

Recommendations for Borrowers

To make the most of the closing disclosure wait period, borrowers are advised to follow these recommendations:

• Review the disclosure diligently: Carefully read through the entire document, paying close attention to the loan terms, fees, and other charges.

• Seek clarification if needed: Don't hesitate to contact your lender or mortgage broker if you have any questions or concerns about the disclosure.

• Compare with other offers: Use the disclosure to compare the terms of your mortgage with offers from other lenders.

• Consider seeking professional advice: If you feel overwhelmed by the financial aspects of the mortgage, consider consulting a financial advisor for guidance.

In conclusion, closing disclosure wait periods serve as a valuable safeguard for borrowers, ensuring that they have adequate time to understand the terms of their mortgage loans before signing on the dotted line. By taking advantage of this waiting period and carefully reviewing the disclosure, borrowers can make informed decisions that align with their financial goals and objectives.

If your loan is locked it is vital that you keep on top of the expiration dates as interest rates have jumped high.

Closing Disclosures (also called a C D) or old fashioned mortgage Lemon Laws are Federal

wait periods that can cost you money in this rising rate time.

GET your paperwork in Fast 

Sign anything sent to you the same day

Stay on top of your mortgage loan process

Take NOTE:

If a CD is e-signed on a Thursday, Friday, Saturday or Sunday/Holidays, loan docs may be signed on the forth day following the day they e-signed the CD. 

If a CD is e-signed on a Monday, Tuesday, or 

Wednesday, loan docs may be signed on the third day

following the day they e-signed the C D.

Thanks for reading

C G

NMLS 324982

(949) 784-9699

Mortgage Interest Rate chart February 2017 to Current

Ten YEAR RATE CHART TELLS YOU

mortgage interest rates are rising

It is time to decide and not wait.

This is not awful terrible news, all things
balance in the big picture of time

Rate chart February 2017 to current today February 2, 2018

Get YOUR Offer Accepted

Stop worrying about making contingent offers that Sellers won't accept.

Don't wait for a rainy day to purchase a move up house

Do you  need short-term access to cash and can’t wait for your property to sell?

We can help!

Eagle Home Mortgage is now offering a 12 month Bridge Loan. Give your clients the option to access the equity in their property before its sold.

Plus, there’s no ATR requirement. Instead of a lengthy qualification process, borrowers are only asked to provide proof of assets or income source for the 12 monthly payments.

12 month Bridge Loan Eligibility Highlights

• 1-4 Unit Single Family
• Primary residence, second Home and investment properties
• 680 minimum FICO
• $500,000 minimum loan amount
• 55% max LTV
• U. S. Citizens only

There are Many Ways To Make Your Real Estate Offer Irresistible

There are Many Ways To Make Your Real Estate Offer Irresistible

In a competitive real estate market, getting your offer accepted can feel like winning the lottery. But with the right approach and a bit of strategic planning, you can significantly increase your chances of landing your dream home. Here are some key strategies to help you make an irresistible offer:

You need to look financially strong.

·        Get Pre-Approved from an Underwriter. A pre-approval letter showcases your financial readiness and seriousness as a buyer. This gives the seller confidence that you can secure financing and close the deal smoothly.

·        Consider a Cash Offer: Offering to buy the property with cash can be highly appealing to sellers, especially in competitive markets. It eliminates the risk of financing falling through and simplifies the closing process.

·        Put Down a Larger Earnest Money Deposit: A larger earnest money deposit signifies your commitment to the purchase and demonstrates your financial resources. This shows the seller you're serious about buying and gives them a sense of security.

·        Minimize Contingencies: Contingencies, such as the home inspection or appraisal, are standard parts of the buying process. However, minimizing them or offering flexible timelines can make your offer more attractive.

·        Close Quickly: If possible, offer to close on the house sooner than the standard timeframe. This can be especially advantageous if the seller needs to move quickly. Offer to close in seventeen days and allow seller to rent back for a week.

·        Do Your Research: Understand the current market conditions and comparable properties in the area. This helps you craft a competitive offer that is fair and reflects the true value of the home.

·        Consider Offering Above Asking Price: In a seller's market, going above asking price might be necessary to stand out. However, determine your maximum budget and don't overextend yourself financially. For this you may need extra cash to make up for an appraisal gap.

·        Get Creative with Your Offer: Highlight any unique aspects of your offer that might appeal to the seller, such as being flexible on closing dates or offering to purchase some of their belongings if your agent thinks they are downsizing for example.

·        Work with an Experienced Real Estate Agent: A skilled agent can guide you through the offer process, negotiate on your behalf, and advocate for your interests.

·        Express Your Enthusiasm: Let the seller know how much you love the property and how excited you are to become its new owner. Showing passion can leave a positive impression.

·        Write a Personal Letter to the Seller: Sharing your reasons for wanting the home and expressing your appreciation for its unique features can create a personal connection with the seller. This is often called a love letter.

·        Focus on Building Rapport: Be courteous and kind throughout the process. Maintaining a positive relationship with the seller can be beneficial during negotiations.

·        Be Flexible and Open to Negotiation: While it's important to stand your ground on key points, be willing to compromise on certain aspects to reach an agreement.

·        Every market and situation is unique. Adapt your approach based on the specific circumstances and consult with your real estate agent for personalized advice. Your agent should know what the seller wants before you write.

·        Don't get discouraged by setbacks. Persistence and a positive attitude can go a long way in securing your dream home.

By following these strategies and tailoring them to yo

 

Call me today to learn how you can help your clients get the cash they need without waiting for their properties to sell.

C G

NMLS 324982

Grant Now a Lien For Three Years

Well if you have any fence sitters who need the assistance from the GSFA Platinum program you will need to let them know starting March 1^st it is no longer a total gift/grant. There will be a 2^nd lien that is not forgivable for 3 years so if it is a short term purchase or if they were told they can refinance in 6 months that is no longer a viable option as the grant will have to be paid back in full.

Might get a few buyers to move a little quicker!! Realtors need to know this as well J

Changes to Down Payment Assistance, Effective March 1, 2018

Effective for GSFA Platinum mortgage loans reserved on or after March 1, 2018, the optional down payment assistance will be provided in the form of a second mortgage, forgivable after 3 years and with a 0% interest rate. The forgivable second mortgage replaces the existing down payment assistance gift. Helping individuals and families bridge the affordability gap in homeownership remains GSFA's focus and we continue to navigate the changing housing market to generate the most innovative and competitive programs and products we can.

The Program will continue to feature various mortgage loan types and assistance options for Lenders to choose from in order to best meet the needs of borrowers. GSFA will provide additional direction and guidelines to GSFA Platinum Participating Lenders in the coming weeks.

HORSE PROPERTY 2 UNITS

Menifee two houses for sale on one acre lot
Sales price listed is $549,900.

Because the houses are manufactured not many lenders will entertain this loan.

Cannot go FHA or Fannie Mae or Freddie Mac

Twenty percent down payment needed and full documentation (qualify with tax returns)
Great opportunity to have Grandmother in second home or use second home to pay your
mortgage

Bombing the Creek Again

Letter regarding dynamiting in Silverado Canyon AGAIN

BOMBING the CREEK AGAIN

Who benefits from this?
Developers?
RMV? 

Dear Friends,

After significant media coverage, meetings, letter writing campaigns, a petition and phone calls, our community thought we saved one of the two beloved swimming holes in Silverado Creek, Orange county California but the United States Forest Service just sent this notification indicating that they intend to use the same methods (military explosives in the creek) to destroy the remaining historic stone dam, which will destroy our last swimming hole, including sensitive wildlife habitat. The other swimming holes were destroyed last year during peak flow and mating season for California newts and other sensitive riparian species.  

Note: Arroyo Toads are in this area and a pair of Kit Fox have two young babies within site.

In May of 2017, a rare western pond turtle was reported to be found by a bicyclist in the national forest along Maple Springs Rd.  Photos were taken of the turtle to positively identify the turtle.  There is a risk of killing this turtle and potentially others because they hibernate underwater during several months in the winter. They cluster in the shallow end of the pond.  A pond turtle will estivate during summer droughts by burying itself in soft bottom mud. 

Forest Supervisor Will Metz, Biologist Kirsten Winter & District Ranger Darrell Vance are not interested in altering their project to address our concerns.  They are not interested in the simple, cost effective option of leaving the remaining historic dam ruins in Silverado, Trabuco and San Juan Creeks to erode away naturally over the next few wet seasons.  I have included the contact information of their supervisors below.  The question remains, what are we, as tax-paying citizens, going to do to obligate our public servants to address our community's concerns? 

1) Chief Tony Tooke - 800-832-1355, 201 14th Street, SW, Washington, DC 20024
2) Regional Forester Randy Moore, Pacific Southwest Region (R5) - 707-562-8737 

Sincerely,
Joel Robinson

Seed Catalogs

It's winter. On the ranch that means shopping seed catalogs.

I used to trade seeds at Seed savers exchange but I don't have

much to trade this year. It's so dry here the heirlooms I grew in Coastal Orange County all die. The experiment has been to find vegetables and flowers that can live with low water. Here is a list of seed sellers and some growers who I have ordered from in the past. The list is in my personal order of preference rather than alphabetical. I highly recommend all the links on this list

If you have any that you love, please comment and let me know. I prefer non GMO seeds. What do you like?

Southern Exposure Seed Exchange

Seeds of Change

Wood Prairie Farm

Victory Seeds

http://www.victoryseeds.com/

Tomatoes photograph by Jonathan Otto

https://www.whiteoakvalleyfarm.com/




Center of the Web
http://centerofthewebb.com/
rare and exotic seeds

Baker Creek by far the most beautiful picture packets.
though I usually say don't by picture packs they cost much more than trading seeds and you are paying for printing, catalog and packing BUT this is so gorgeous and the seed packs at you garden center will sing siren mermaid songs that will carry you through digging, bug squishing and harvest with joy
https://www.rareseeds.com/

Baker Creek Heirloom Seeds

Cloudview FARM

http://cloudviewfarm.org/ephrata/

Arc Institute
https://heirloomseedkits.com/

heirloom seeds
http://heirloomseeds.com/

Goodwin Seeds
http://www.goodwincreekgardens.com/group.asp?grp=129

southern exposure

www.southernexposure.com/

Tax Reform Chart regarding mortgage interest

Tax Reform Law Chart:
Not great news for California high cost housing

Prior Law vs. New Law Provisions of Interest
Prior Law New Law Mortgage Interest Deduction Capped at $1,000,000 Capped at $750,000
State and Local Tax Deduction Unlimited The total of income, sales and property tax deductions is capped at $10,000
Capital Gains Exemption on Sale of Primary Residence Exclusion of up to $250,000 ($500,000 if married) of gain realized on sale or exchange of principal residence if lived in for 2 of last 5 years No change
1031 Like-Kind Exchanges Applied to all classes of property (e.g., personal and real) Limits non-recognition of gain to real property
Personal Deduction Allowed Eliminated Standard Deduction $6,350 individual and $12,700 if married $12,000 individual and $24,000 if married
MID for second Homes Capped at $1,000,000 Capped at $750,000
Home Equity Loan Deduction Capped at $100,000 Not deductible unless the proceeds are used to substantially improve the property
Moving Expense Exclusion and Deduction Deduction for moving expenses incurred in connection with change in work place Eliminated except for members of armed forces on active duty that move pursuant to military orders
Child Tax Credit $1,000 for each child $2,000 for each child Deduction for Qualified Business Income of Pass-Through Entities including independent contractors None 20% deduction of taxable income phased out above $157,000 ($315,000 if married) for brokerage services
Depreciation Recovery Period for Real Property (Residential Rental) Recovery period is 27.5 years No change
 Depreciation Recovery Period for Real Property (nonresidential) Recovery period is 39 years No change Depreciation Recovery Period for Real Property (leasehold improvements) Recovery period is 15 years No change

MCC Tax credit gone?

See what CalHFA is saying below…checking on GSFA now as well

MCC unsure maybe is gone...

wait for update
update is i 12/22/2017

MORTGAGE CREDIT CERTIFICATE TAX CREDIT PROGRAM

As a result of possible federal tax reform, please see below for important MCC reminders:

- As of November 17, 2017, a Mortgage Credit Certificate may not be used for credit qualifying purpose for any CalHFA first mortgage loan.

- All loans must be closed AND the complete MCC package must be submitted AND cleared of deficiencies by eHousingPlus on or prior to December 18, 2017 so MCC certificates may be issued prior to year-end. There is no guarantee that MCC certificates can be issued for any MCC package not meeting the deadline.

- Lenders may continue to reserve MCCs for non-credit qualifying purposes, but be mindful of the December 18, 2017 deadline.

- CalHFA first mortgage loans in which an MCC was used for credit qualifying purposes that have not closed by December 18, 2017 AND fail to meet the above deadline may be subject to re-underwriting and requalifying without the MCC

Due to the uncertain outcome of the tax reform legislation, CalHFA will not obtain any additional allocation for MCCs in the future. Please see the eHousingPlus system for remaining availability figures for CalHFA's MCC program.

Tax Bill and Property Values

Tax Bill Passes

Not good for Residential Real Estate in high priced areas.
High Cost Homes are going to see price reductions.
Not sunny days ahead

I believe this will reduce number of sales to w-2 two family income earners from purchasing a home with sale price higher than one million dollars.
It will particularly squeeze values in Coastal Areas where prices from
one million to two and a half million dollars that Borrowers want the
tax credit to make it work financially.

This doesn't matter much to self employed borrowers who already pay little or no tax with allowable deductions


The act repeals the overall limitation on itemized deductions, through 2025.

Mortgage interest: The home mortgage interest deduction was modified to reduce the limit on acquisition indebtedness to $750,000 (from the prior-law limit of $1 million).
A taxpayer who entered into a binding written contract before Dec. 15, 2017, to close on the purchase of a principal residence before Jan. 1, 2018, and who purchases that residence before April 1, 2018, will be considered to have incurred acquisition indebtedness prior to Dec. 15, 2017, under this provision, meaning that he or she will be allowed the prior-law $1 million limit.

Home-equity loans: The home-equity loan interest deduction was repealed through 2025.


State and local taxes: Under the act, individuals are allowed to deduct up to $10,000 ($5,000 for married taxpayers filing separately) in state and local income or property taxes.
The conference report on the bill specifies that taxpayers cannot take a deduction in 2017 for prepaid 2018 state income taxes.  This part is pretty terrible. In California property taxes on a one million dollar home are about thirteen thousand dollars a year.

New Tax SB2

New Recording Fee Goes into Effect January 1, 2018
The new legislation is effective January 1, 2018.
The following transactions are valid exemptions from the SB 2 fee:
a. Any sale transaction subject to documentary transfer tax.
b. A sale of residential property to be owner-occupied.
c. Any recording not related to real property.
There is a cap of $225 per transaction per parcel.
Refinance transactions are subject to the new tax.
All documents that are exempt from the tax must be labeled as such.

Law begins January First 2018
Valid exemptions from the tax fee are:
Any sale already paying the documentary transfer tax
A sale of residential owner occupied home
A recording of property that is not real estate

Refinance transactions are subject to the new tax.
All documents that are exempt from the tax must be labeled as such.
“A fee of $75 dollars shall be paid at the time of recording on every real estate instrument,
paper, or notice required or permitted by; law to be recorded, except those expressly
exempted from payment or recording fees, per each single transaction per parcel or real
property.”
In 2017, the California Legislature passed Senate Bill 2, The Affordable Housing and Jobs Act
which adds a new tax on certain recorded real estate documents. The Act states:
You can count on WRT to keep you up to date
on the latest changes affecting your transactions.


who voted for this tax?

not me
Our government is not good at issuing bonds that help the poor.
Let me know if you benefit from the Atkins Bill

SB 2, Atkins Bill known as the Building Homes and Jobs Act

the bill is "supposed" to go to: emergency housing, multifamily housing, farm worker housing, home ownership for very low and low-income households, and down payment assistance for first-time home buyers. Existing law also authorizes the issuance of bonds in specified amounts pursuant to the State General Obligation Bond Law. Existing law requires that proceeds from the sale of these bonds be used to finance various existing housing programs, capital outlay related to in-fill development, brownfield cleanup that promotes infill development, and housing-related parks.

READY for Evacuation List

In light of all the fires and emergencies I want to share a list of plans in case you are seeing smoke

smoke filled sunset

Be READY for emergency evacuation
List of what to prepare NOW before asked to leave, and in the minutes you may have to leave your home.

To do today list:

1. Get 10 cardboard boxes, or as many as fit in your car around your pets. Many places throw them away. They don't need to be perfect
2. Put best linens or clothing in the bottom, add personal photographs, passports, cameras, laptop, important papers. 
3. Pack your jewelry and small items that you treasure. Pack pet food for two days. Two outfits to wear.
4. Keep your gas tank 3/4 full. Flashlight in the car. Couple bottles of water in the car.
5. Have a family plan where to meet and out of state person to contact.
6. Social media can be helpful to post your whereabouts, test your contacts and tell them which source you will use upon emergency
7. Trim trees that touch your home and clean out any gutters of dry leaves.

When told to evacuate:

1. Load the boxes and pets
2. Shut all doors and windows but leave front door unlocked
3. Pull down curtains and shove flammable furniture to center of rooms
4. Turn off gas main
5. Honk horn many times, ring neighbor's door bells
6. Drive carefully away from smoke central
7. Follow fire workers instructions
8. There may be an evacuation center. 
9. Evacuation center is a place to meet up with neighbors.
10. Your cell phone may not operate. Power may be out.
11. Don't go back until fire officials say all clear
12. Do the best you can. Be kind. 

I have barns and fenced paddock for horses. I am willing to take horses for free and feed them as long as you need. I don't have trailers. Off Ortega Hwy in San Juan Capistrano contact me if you need help with large animals


The smoke is bad for health, it's not just trees burning, all types of chemicals are in the smoke.
If you have respiratory sensitivity of any kind, get farther away.  A wet towel over mouth and nose don't filter much.


Esté LISTO para la evacuación de emergencia
Haga una lista de lo que debe preparar AHORA antes de pedir que se vaya, y en los minutos puede que tenga que abandonar su hogar.

Para hacer hoy lista:

Obtenga 10 cajas de cartón, o tantas como quepan en su auto alrededor de sus mascotas. Muchos lugares los tiran. No necesitan ser perfectos
Coloque la mejor ropa de cama o ropa en la parte inferior, agregue fotografías personales, pasaportes, cámaras, documentos importantes.
Empaca tus joyas y pequeños objetos que atesoras. Empaque alimentos para mascotas por dos días.
Mantenga su tanque de gas 3/4 lleno. Linterna en el coche. Pareja botella de agua en el coche
Tenga un plan familiar donde reunirse y una persona fuera del estado para contactarse.
Los medios sociales pueden ser útiles para publicar su paradero, probar a sus contactos y decirles qué fuente utilizará en caso de emergencia.
Recorte los árboles que tocan su hogar y limpie cualquier cuneta de hojas secas.


Cuando se le dice que evacue:


Cargue las cajas y las mascotas
cierre todas las puertas y ventanas, pero deje la puerta frontal desbloqueada
abra las cortinas y empuje los muebles inflamables hacia el centro de las habitaciones
apagar el gas principal
Toca la bocina muchas veces, toca las campanas de la puerta del vecino
alejarse con cuidado de la central de humo
siga las instrucciones de los bomberos
Puede haber un centro de evacuación.
Centro de evacuación si es un lugar para reunirse con los vecinos.
Es posible que su teléfono celular no funcione.
No retrocedan hasta que los bomberos digan todo claro
Haz lo mejor que puedas. Se amable.


El humo es malo para la salud, no solo los árboles queman todo tipo de químicos en el humo.
Si tiene sensibilidad respiratoria de cualquier tipo, aléjese más. Una toalla mojada sobre la boca y la nariz no filtra mucho.