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Analyzing The Closing Disclosure: What Everyone Must Know

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Analyzing The Closing Disclosure: What Everyone Must KnowIt is exciting to hear that an offer has been accepted, and many homeowners are ready to move into their new houses as quickly as possible. At the same time, homeowners must take the time to review all documents associated with the purchase. Purchasing a house is a major financial decision, and homeowners need to understand what their obligations are. That is where the closing disclosure is critical. What type of information is included in the closing disclosure, and what do homeowners need to know now?

The Closing Disclosure Includes Fees And Costs

First, homeowners need to take a look at the numbers included in the closing disclosure. Of course, the biggest number will be the purchase price. Homeowners will see the amount of money they put down, and they will see the total balance of the loan.

Homeowners should also take a look at the monthly mortgage payment. Understand that this monthly payment may not be the same as the amount of money that is drafted out of the bank account every month. Often, banks withdraw money for real estate taxes and home insurance premiums, holding that money in escrow for the homeowner.

Homeowners also need to take a look at the interest rate. They need to understand whether the interest rate is fixed or variable.

Look At The Terms Of The Loan

Homeowners also need to look at the terms of the loan. They should understand how long it will take them to pay off the mortgage. They also need to understand the consequences of missing a monthly mortgage payment. They need to see whether there is an acceleration clause and whether there is a late fee tied to any late payments. Homeowners must also understand when the first mortgage payment is due.

Talk To A Trained Professional About The Closing Disclosure

There is a lot of information in closing disclosures, it can be intimidating for someone who has not been through this process before. That is why all new homeowners need to work with a professional who can make sure they understand the terms of the mortgage. Homeowners must understand what they are agreeing to before they sign on the dotted line.

Consumers Agree: It’s a Good Time To Sell

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Consumers Agree: It’s a Good Time To Sell | MyKCM

In today’s sellers’ market, many homeowners are weighing their options and trying to decide if they should sell their house. If you’re in that group, you may be balancing things like the ongoing health crisis, rising mortgage rates, and your own changing needs to determine your best time to make a move.

However, recent data shows that time may already be here. According to the latest Home Purchase Sentiment Index (HPSI) by Fannie Mae, 76% of consumers believe now is a good time to sell.

Looking back over the past few years, its clear consumers are incredibly optimistic today. The graph below shows the percent of survey respondents who say it’s a good time to sell a house, and their positive outlook is on the rise. The big dip near the middle of the chart indicates how consumer sentiment about selling dropped at the beginning of the pandemic as uncertainty about the health crisis and its impact grew. The good news is, the trend today shows a continued, drastic improvement, and people are feeling more and more confident with time about selling a home.

In fact, survey respondents think it’s an even better time to sell a house today than they did in the lead-up to the health crisis. The latest survey results indicate we’re at one of the strongest peaks in seller sentiment since March of 2019, hitting highs when 77% of people thought it was a good time to sell only twice before in June and October of 2021.

Consumers Agree: It’s a Good Time To Sell | MyKCM

Why Are Consumers So Optimistic About Today’s Housing Market?

From record-high equity gains to record-low housing supply and significant buyer demand, homeowners have more motivation than ever to sell. There are more buyers in today’s market than there are homes for sale, and that’s driving home prices up, making it a great time to sell your house.

According to the National Association of Realtors (NAR), the current supply of homes for sale today is at a 1.8-month supply, which is an all-time low. When the supply of homes for sale is low, sellers will likely see more offers, which is exactly what’s happening right now. As NAR notes:

“The average home for sale is receiving 3.8 offers today, up from 3.3 offers just one year ago.”

Bottom Line

With the inventory of houses for sale so low today pushing home prices in an upward direction, it’s no wonder consumers think it’s a good time to sell. If you’re ready to take advantage of today’s favorable sellers’ market, let’s connect today.

How Remote Work Impacts Your Home Home Search

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How Remote Work Impacts Your Home Search [INFOGRAPHIC] | MyKCM

Some Highlights

  • If your workplace is delaying its return to office plans or is allowing permanent work from home options, that may open up new possibilities for your home search.
  • Ongoing remote work could give you the chance for a change in scenery, a move to an area with a lower cost of living, or finding a home with more home office space.
  • If you want to learn more about how remote work can give you more options, let’s connect to discuss your situation and priorities for your home search.

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