It's Been a Few Years Since I've Purchased or Refinanced a Home, What's New in the Mortgage Process?

By, Mike Carney, Sr. Mortgage Banker

For anyone that hasn’t purchased a home or refinanced their current home recently, several changes have been implemented to the mortgage process that you should know.

Significant increase in government regulations. Depending on how long it’s been since you last applied for a mortgage, there are significantly more government regulations.  Many of the changes are a result of the Dodd-Frank Act. These new regulations are aimed at preventing a lot of the reckless lender behavior that created the housing bubble that occurred a few years ago.

Significant increase in documentation needed. If you are considering applying for a mortgage soon, start planning now.  You are going to be required to furnish your lender with full documentation.  That includes, but not limited to, tax returns, W2’s, paystubs, bank statements, proof of current housing expense, etc.  Remember that your loan can only be processed as quickly as you furnish your lender with the documentation they request.  And contrary to popular belief, lenders don’t arbitrarily request documentation; there’s a reason why you are being asked to supply items.

Longer processing times. All of the changes we’ve implemented have resulted in longer processing times and consequently, longer closing times.  While 30-day settlements were commonplace in years past, today it’s more likely to see 45 or even 60-day settlements.  While some situations that delay settlements are unavoidable, many can be avoided simply by planning ahead and being prepared.

If you’d like more information about Apex’s current mortgage process contact me or download our 7 Steps to Settlement flowchart. We’re committed to closing clean and on time, every time which is why we believe communication is key. We keep our clients informed each step of the way, and like to be upfront about our steps to settlement and what you can expect from the process.

5 Important Tips To Help Smooth Your Move When You Have Teens In The Home

You've got a new job offer across the country and you are planning to pack your things, buy a home and make the big move.

However, when you tell your 17 year old daughter your plans, she lets out a mournful wail and cries that it is not fair. How can you possibly take her away from all of her friends, her favorite hangout spots and the cute boy she just started seeing?

Moving is a difficult transition and it is often even more traumatic for teenagers. The teenage years are an important stage where young adults establish their individuality and independence and during this time their social circle is extremely important to them.

Being removed from that against their will can make any teen feel sad, confused, angry and resentful. Also, fitting into a new social scene in a different location can be a challenge for a teen that might be singled out as the "new kid".

How can you help your teen during this transition so that the experience will be easier on them?

5 Tips To Help Your Teen Move More Smoothly

Here are some tips that will make the experience of moving a little bit easier on your teenager:

• Give them as much notice as possible so that they have time to adjust to the idea of moving. They will feel like they have enough time to say goodbye to their friends and close a chapter of their lives.

• Try to schedule the move around the school calendar, as moving in the summer is much less disruptive to your teen's life than relocating in the middle of the school year.

• Make sure that they have ample time to spend with their close friends before they leave and once you arrive, understand that they might go through a grieving process of missing their old pals.

• When you get to your new home, make sure that your teen has plenty of ways to keep in touch with their old friends, such as an internet connection and a cell phone plan.

• Encourage your teen to get involved in the community of your new hometown, like joining sports clubs or attending events. This can help them to make new friends.

Moving to a new city is always exciting but offers challenges like this one for families. For more advice on moving to a new Washington, DC home, contact your trusted mortgage professional today.