Long-term mortgage rates in the U.S. had the biggest recorded drop in nearly four years in the month of November. Although they have hit a record drop, they still remain much higher than they were a year ago. Either way, SETCO is ready to help our clients with their closings whether they mortgage rates be high or low.
Mortgage Rates Had A Record Drop As of November
Who Needs Black Friday When You Have December 26th?
Everyone knows about Black Friday, but not everyone knows about December 26th. If you are like us and do not want to battle the crowds and craziness that comes with Black Friday, then December 26th is the day for you. According to researchers, home buyers who are looking for a great deal should wait until the day after Christmas.
SETCO Helps Clients Prepare to Buy Their Homes
Here at SETCO we are prepared to help our clients buy their dream home whether it be for the experienced or beginner homebuyer. A great way to prepare yourself to buy a house is lowering your 2018 tax bill. The tax overhaul law, which was signed into law late last year, created $1.5 trillion in tax cuts but did not help with making the filing process simpler.
Checking your withholding and updating your W-4 can be used to help avoid large balances. Knowing whether you have the right amount of tax held back from your paycheck can be beneficial when knowing whether you have enough money to buy a house. It is also said that taxpayers should focus on the “use-it-or-lose-it” type planning opportunities. Taxpayers should aim to maximize contributions to their available retirement plans. Additional contributions to your retirement plan can be made if you are of age 50 or older. Retirement plans can include buying a house or condo, which is why it is crucial never to pass over an opportunity to maximize your revenue to that. Any funds that are not used by the end of the year will be lost, so it is essential to make sure that you are taking advantage of these leftover funds.
The new tax law also doubled the standard deduction to $12,000 for single taxpayers and $24,000 for those who are married and file jointly. This means that starting in 2019, more than 90 percent of taxpayers will claim the standard deduction. These deductions are crucial to take into account when deciding whether you want to buy a home or not, even if it is not your first time around.
If you are looking to reduce your estate tax exposure, you can give up to $15,000 to an unlimited number of beneficiaries a year without decreasing their lifetime estate tax exclusion amount or paying a gift tax. If your tax rate is high, consider boosting your and your spouse's 401(k) contributions and/or IRA contributions. On the other hand, if you are in a loss position, consider converting IRA or 401(k) assets to a Roth IRA.
Each of these things is valuable to take into consideration when buying a new home. With the end of the year coming up and taxes being filed, these things are heavy on everyone’s mind. SETCO helps our clients with these things while also helping them with their closing on a new home.
SETCO is Ready to Help Clients of All Ages With Closings
Most people believe their first home should be bought when they are young and new to the adult world. In reality, it is very common for people to purchase their first home later in life when they are more financially stable, or ready to make the move from renting to owning. Whatever the reason may be, SETCO’s Title Professionals are more than prepared to help our clients of all ages navigate their first closing.
Important Things to Know About Title Insurance in Florida
SETCO wants to help our clients learn more about title insurance in Florida so that they do not feel like they are in the dark when closing on a home. In the course of a closing, real estate title is transferred from the buyer to the seller. The next step is a Closing Disclosure Form, which turns into a legal document once signed and should not be signed unless you understand and agree to all terms of it.
According to Florida law, a licensed title agent may conduct a closing in any preferred location as long as a notary is there. A typical closing for buyers includes singing a mortgage pledge if they are taking out a loan, being given warranty and inspection reports for their home, and receiving a commitment for the issue of a title policy.
Having title insurance is crucial when buying a home. The title is the ownership basis of real estate and represents your legal rights in the property’s use, control, possession, and dispossession. Defects in the title to your property can result in a partial or complete loss to your investment, something no buyer should have to go through. Purchasing owner’s title insurance ensures that defects will not affect your homeownership. Title insurance offers protection to you from previous claims or prior rights that another party may have to that property. On the rare occasion that someone challenges your title, your title insurance underwriter will defend your title and pay any costs that occur up until your title insurance policy limit.
Lender and owner policy are the two main types of title insurance in Florida. The lender’s policy title insurance protects the interest of the lender in the title of your home, while an owner’s policy provides coverage for the owner of the property against certain types of claims, which can usually be found listed in the policy. The owner’s policy also protects the new owner of the property from any of the previous owner’s liabilities. In Florida, both the buyer and seller can invest in lender and owner policies.
Selecting a title agent is an important decision, and should be well researched before making any final choices. Speaking with any people you know that have recently purchased a home can be beneficial to understanding their experience with their title agent. The purpose of a title agent are things such as to get and prepare title searches, to respect and review the property title, preparation of the closing documents, administer the closing, and so much more. A good title agent has a lot of experience and will be able to answer any questions you may have in the process of closing. SETCO’s title agents are well trained and know how to help our clients have the best closing possible.
SETCO is Prepared for Growth in the Real Estate Industry!
The Mortgage Bankers Association estimates a 4.2 percent increase in mortgage originations from 2018 to 2019. In addition to that, the refinance originations are expected to decrease by 12.4 percent to $395 billion. Overall, in 2019 there is predicted to be a significant decrease in mortgage originations from $1.64 trillion to $1.63 trillion. Setco is prepared to handle these changes with stride. These estimates allow us to be sure that we properly handle our client's closings to make it the best and easiest process of their lives.
Changing of Seasons Can be Good for Closing on Houses
Although people usually sell their houses in the spring or summer, it has recently been discovered that selling your home in the winter could be a better time to do it. Could the idea that it is harder to sell real estate in the winter be a myth? Emil Hartoonian, a managing partner of The Agency in California, says so. Setco is dedicated to helping our clients with their closings, whether it be in the summer or winter.
Why You Should Choose SETCO Services for All of Your Closing Needs
Recently in the U.S., there was an outsize jump in apartment building, which caused there to be a moderate rise in U.S. housing starts. These housing starts increased by 9.2% in the month of August. With housing starts being on the rise, it is essential to find a trusted company that makes closing easy for you. At SETCO we train our team to know how to make closings easy and stress-free for our clients.