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Showing posts with the label Home Buyers

Millennials to Shape Housing Preferences – Once They Start Buying

Millennials place a premium on casual, comfortable outdoor spaces for entertaining friends and family, Better Homes and Gardens research shows. The millennial generation is poised to make a significant impact on home design with its strong preferences for energy efficiency and smart-home technology; comfortable and workable kitchens; and more casual spaces, said speakers today from NAHB and  Better Homes and Gardens . But first, they have to move out of their parents’ homes and into a place of their own, said NAHB Assistant Vice President for Surveys and Research Rose Quint. About 15% of adults ages 25-34 live with a parent, about 3% more than the highest share of 12% between 1983 and 2007. That translates into 1.3 million people who normally “would be out there, forming their own households, demanding their own units,” either as buyers or renters, she said. Quint had anticipated the new mortgage programs and looser mortgage insurance requir...

New Home Closing Rules Take Effect This August

Closing on your new home is an exciting time — but it also can be an overwhelming process. Home buyers are usually required to sign a seemingly endless pile of documents, most of which are written in terminology that can be difficult to understand. Fortunately, the process is about to get easier. Under new rules required by the Consumer Financial Protection Bureau, four closing documents will be merged into two new documents: the Loan Estimate and the Closing Disclosure form. The design of the forms and their terminology will be more consumer-friendly to help home owners better understand this complex process. The existing Good Faith Estimate and Truth in Lending disclosures will be eliminated and combined into a single Loan Estimate form. The Loan Estimate must be delivered to the buyer no later than three business days after receiving the application. In addition, the final Truth in Lending Disclosure and HUD-1 Settlement Statement are being replaced by the Closing Disclosur...