Home Buying Help
Don’t forget to change your address with the Stark County Board of Elections once you’ve moved into your new home. This will ensure you will have no problems voting when election time rolls around. Simply visit www.starkcountyohio.gov/Board-of-elections and scroll down to the center of the site where there is a home that says “Update my Address”. If you’ve never registered in this county to vote, you’ll be able to do so there as well.
TILA-RESPA Integrated Disclosure Rule Implementation
What SCAR Members Need To Know!
The Consumer Financial Protection Bureau (cfpb) integrated the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations in November 2013. Transactions involving a federally-funded mortgage will be subject to these new restrictions and disclosure forms. The cfpb has a issued an amendment to the effective date of the “Know Before You Owe” rule to make the effective date October 3, 2015 vs. the original effective date of August 1, 2015.
The new disclosures and regulations are critical in how you provide service to your clients. Even though most of the changes fall on the lenders, you are urged to become familiar with the resources the cfpb has created for consumers to continue to help clients navigate through their real estate transactions.
The biggest question out there is “Will the new mortgage disclosure delay my closing?” The answer is NO for just about everybody.
Only THREE changes require a new 3-day review:
- The APR (annual percentage rate) increases by more than 1/8 of a percent for fixed-rate loans or 1/4 of a percent for adjustable loans (lenders have been required to provide a 3-day review for these changes in APR since 2009).
- A prepayment penalty is added, making it expensive to refinance or sell
- The basic loan product changes, such as a switch from fixed rate to adjustable interest rate or to a loan with interest-only payments.
NO OTHER changes require a new 3-day review….there has been much misinformation and mistaken commentary around this point. Any other changes in the days leading up to closing do not require a new 3-day review, although the lender will still have to provide an updated disclosure. For example, the following circumstances do not require a new 3-day review:
- Unexpected discoveries on a walk-through such as a broken refrigerator or a missing stove, even if they require seller credits to the buyer
- Most changes to payments made at closing, including the amount of the real estate commission, taxes and utilities proration, and the amount paid into escrow
- Typos found at the closing table
Below are helpful links to guide you through this process:
Your Home Loan Toolkit – this toolkit is for consumers to help them make better choices with mortgages
Diclsosure Timelime – this illustrates the process for a sample real estate purchase transaction
Completed Loan Estimate – this is a sample for a fixed rate loan
Completed Closing Disclosure – this is a sample for a fixed rate loan
Learn more about the Consumer Financial Protection Bureau at www.consumerfinance.gov
Field Guide to the Real Estate Settlement Procedures Act (RESPA) *Updated June 2015
Find all kinds of helpful tips and tricks with regard to making your home buying experience a great one! Visit Stark County Association of REALTORS.
Homeowner Safety Toolkit
Check out here to learn about home security tips for new homeowners, including home owner crime prevention tips as the weather gets warmer and homeowner crime prevention tips.
Finding Your Way Back Home: Foreclosure Resources
REALTORS® build communities in part by expanding home-ownership opportunities and getting people into homes of their own. These are noble goals, but helping homeowners stay in their homes also is important to sustain our communities. In this marketplace of rising mortgage delinquencies and foreclosures, that goal can be challenging.
The Stark County Association of REALTORS® realizes it needs to be proactive in helping our neighbors in this unfortunate foreclosure crisis.
- Community Legal Aid – Free Legal Advice Before a Foreclosure is Filed
- Community Legal Aid – Homeowner’s Checklist for Avoiding Foreclosure
- Community Legal Aid – How Can Legal Aid Help Me?
- Community Legal Aid – Overview of Foreclosures and Foreclosure Timeline
- Community Legal Aid – Protections for Tenants in Foreclosed Properties
- ESOP – FREE Foreclosure Prevention Counseling
- Ohio Attorney General
- United Way of Greater Stark County 2-1-1
The 2-1-1 service is available in counties throughout the state. For a list of 2-1-1 service providers, click here.
- Concerned about your existing mortgage? Learn what you can do to protect your home
- Smart home financing: What to know about lending and mortgages before you buy
- Understanding today’s mortgages: Learn How to Avoid Foreclosure & Keep Your Home
Useful Foreclosure Links
- Federal Rerserve Bank of Cleveland – Foreclosure Toolkit – This is a LOCAL source!
- Foreclosure Help, Resources, FAQ’s, Contact Numbers – This is a LOCAL source!
- Homeownership Preservation Foundation
- HUD: Avoiding Foreclosure
- National Low Income Housing Coalition
- Save the Dream: Ohio’s Foreclosure Prevention Effort
- “No Paws Left Behind” – What to do with pets when faced with foreclosure