This is a great time to be a homebuyer as mortgage rates are near historically low levels. Take a look at this chart showing the path of interest rates on the 30-year fixed rate mortgage over the past nearly four decades.
This is what an attorney wrote from Colorado, it also applies to lots of states. Please talk to your attorney. We have some very good attorneys in the Tri-Cities including Pasco, Richland, Kennewick & W-Richland, WA you can get help with this very important legal issue. Hopefully this helps you from making a mistake.
Closing costs can be costly so it’s important to understand them. Lenders are required by RESPA (Real Estate Settlement Procedures Act) to disclose information to their borrowers throughout the mortgage process; information such as closing costs, lender servicing, escrow account procedures, and more.
RESPA requires a lender to give you a good faith estimate stating all the fees to be paid at or before closing. These fees can include recording fees, title charges, loan origination fee, escrow items, and mortgage interest, to name a few.
Another thing to be aware of is that anytime real estate is sold, certain records that are a part of the closing process, (which generally takes 3 to 8 weeks) are entered into public record. You should receive a copy of the public record at closing and can request additional copies, usually for a fee.
For more information on RESPA, visit the U.S. Department of Housing and Urban Development website.
Gratitude makes sense of our past, brings peace for today, and creates a vision for tomorrow. HAPPY THANKSGIVING!
November 23, 2011 – 8:30 pm
Joker’s Comedy Club, Richland $5 admission
Despite the Tri-City market slowing a little, some areas are competing more for buyers, due to the increase in listings, causing the prices to soften. We are still growing and prospering. We are selling between 285 to 300 homes a month. Inventory has increased the pressure on current prices.
The following is a computation from Tridec showing how well we are doing. With rates this low and prices competitive, this is a great time to buy. It is an ok time to sell; you just have to be realistic and look at your competition. If you do not have the desire to sell or the move is not worth the realistic price, if you are moving outside of this market area, then you should not sell. If you move up as a seller, within our market area, you will make up any difference and more in the move. Look at the silver lining this move will gain for you. Give Distinctive Properties a call and we can explain it to you so you do not miss an opportunity in this market.
Source: US Census and Washington Office of Financial Management Forecasting Division 2011
Tridec published the following information:
POPULATION
Kennewick-Pasco-Richland
2000 Census 191,822
2010 Census 253,340
2011 Estimate 258,400
Benton County
2000 Census 142,475
2010 Census 175,177
2011 Estimate 177,900
Kennewick
2000 Census 54,751
2010 Census 73,917
2011 Estimate 74,665
Richland
2000 Census 38,708
2010 Census 48,058
2011 Estimate 49,090
West Richland
2000 Census 8,385
2010 Census 11,811
2011 Estimate 12,200
Franklin County
2000 Census 49,347
2010 Census 78,163
2011 Estimate 80,500
Pasco
2000 Census 32,066
2010 Census 59,781
2011 Estimate 61,000
**** Attached is the link the Wa Economic Revenue Forecast with a clip of their September Council Meeting. With Dr. Arun Raha giving the forecast for WA State. Interesting, long, but with a lot of good information. We here in the Tri-Cities are fortunate that our Numbers are not nearly as bad, they are acually good compared to the Nation and the State. We just expected even more, is that not just how it works. With Thanksgiving around the corner we need to be greatfull for our numbers.