Second, the rollout of said FHFA program was only delayed, not cancelled, meaning that mortgage rates could begin to see modest increases once lenders begin to reapply the price adjustment. First, these record low rates only apply to the most creditworthy borrowers with straightforward loans – people with weaker credit or seeking less typical loan types are being quoted much higher rates. That said, despite the return to record lows, two things are important to keep in mind regarding the path forward for mortgage rates. The Federal Reserve’s continuing rate of buying mortgage bond purchases have kept downward pressure on rates and ensured that markets continue to function as intended. Rates continued their downward trajectory, albeit at steadier pace, and returned to levels last seen back in early August. But if they want them and they’re supposed to stay, you don’t want to risk the entire sale falling apart at the last minute over a set of drapes.Mortgage rates fell again this week, trending back down to their lowest levels.įollowing last week’s announcement by the FHFA that they were going to delay the rollout of their 0.5% price adjustment placed on mortgage refinances – news that sent mortgage rates down sharply. The buyer may plan on replacing them anyway and it will be no big deal. If you have an attachment to any particular light fixtures or the living room drapery, check with your agent before removing them. It can be tempting to just leave repairs until it’s no longer your problem, but that will come back to bite you. Same with pretty much anything that stays with the house. If the furnace breaks during escrow, it’s on you. They notice that it’s freezing inside because the furnace broke two weeks ago, or they can see that you took fixtures you were supposed to leave. It’s the day before closing and the buyer is doing a final walkthrough of the home. Problem: Something’s amiss at the final walkthrough Get it as soon as possible and read it carefully. That often goes directly to the buyer’s lender, but you can request a copy either from the title company or your buyer’s agent. But even if you didn’t do that, shortly after escrow opened, the title company completed a preliminary title report for the buyer. If you didn’t take that step, you should have at least looked at your county’s online records for your home to see if anything pops up. If there are any liens, get them taken care of immediately. You can pay for your own title report before even putting your home on the market. Your buyer will insist on a clear, unclouded, problem-free title before closing. Or perhaps the home is the subject of a lawsuit. Maybe the title company discovers that there is a lien on the property you didn’t even know about. Several days before closing, check in with your listing agent to make sure they are in communication with the buyer and their lender and that they have everything they need. If there is going to be a problem or delay, knowing about it as soon as possible will help you adjust your plans. The best you can do is keep in touch with your agent and make sure your agent stays in contact with the buyer’s agent. Since the mortgage lender technically isn’t working for you, it’s hard to take control of this. If your buyer’s lender isn’t on top of things, it could delay the closing for days or weeks. The buyer’s problems sometimes become your problem during escrow. Double-check the loan and down payment amounts, spellings and all personal information. If something seems odd or you just don’t understand it, this is the time to ask questions. The sooner you spot a problem, the faster you can get it fixed and keep your closing on track. Go ahead and ask to see every piece of paperwork as far in advance as possible. Either way, it could cause a delay of hours or even days.
It could be as simple as a misspelled name or transposed address number, or as serious as an incorrect loan amount or missing pages.
One of the most common closing problems is an error in one of the sale documents. But if you know what kinds of problems are most likely to pop up, when they typically occur and what you can do to prevent them, you’ll sleep a little better during this phase. JSchedule SHORT-TERM RENTALS Right from ShowMojo Because You Demanded It: ALL TEXT Showing Notifications The Mid-Term Rental Strategy and Why It Might Be Right For You ShowMojo has been extremely accommodating and efficient in the onboarding and transition process for us. Just when you thought it was safe to put down the stress ball because you’ve found a buyer and your sale is in escrow, an issue with closing could turn your knuckles white all over again.
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