New Mortgage Rules Can Cost Buyers

mortgageFormA significant change to the time-tested mortgage and settlement procedure was implemented two weeks ago throughout the country, designed to streamline the process for consumers by clearly stating how much a buyer will be expected to pay, among other things. However, early reports from lenders and brokers are showing that the process is making things slower, and the costs are trickling over to homebuyers.

The federal Consumer Financial Protection Bureau imposes heavy fines on lenders if the information they provide a buyer is inaccurate or if estimates are incorrect. While it's a given that the typical time span between loan application and the final closing would take longer, an item that is largely being overlooked is how a longer timeline will affect how much consumers pay. Because the majority of buyers prefer a long rate lock period, these will ultimately cost a buyer more money. Such rates were usually for about 30 days but are now being increased to a minimum of 45 days, a number that can easily add $500 to an average loan request.

Here in Florida, the state's As-Is contract is highly dependent on dates and can to a certain extent relieve a seller or buyer of contract liability, even if the deal is only halfway complete. With these changes and longer timeframes, it's imperative that homebuyers find a knowledgeable realtor who can help them understand these recent changes and how they can affect the overall costs of homeownership.

Realtor Jon Gilman specializes in Sunny Isles Beach Florida real estate including Sunny Isles condos for sale. For more information on properties throughout the barrier island or Sunny Isles homes for sale, call 786.486.9560.

Sunny Isles Beach's Rapid Growth

porscheTowerOver the past decade, Sunny Isles Beach real estate has grown at a feverish pace, which makes it almost unbelievable that the city was once better known for its passé beachfront hotels. Today the city has attracted some of the most respected and luxurious names and brands in the world like Ritz-Carlton, Armani, and Porsche with new Sunny Isles condos boasting ultra modern units, cutting-edge technology, and innovative design.  The city has also seen an influx of Hispanic, Italian and Israeli residents, boosting its diversity.

What's in store for the city?  A lot.  For one, the Porsche Design Tower recently topped out at sixty stories and has received a tremendous amount of acclaim for its groundbreaking feature that breaks free of the conventional parking garage mold: residents, along with their vehicles will be taken directly to their front door.

Over at the upcoming Estates at Acqualina, its amenity complex called the Villa Acqualina will have over 43,000 square feet, with a restaurant, fitness facility, spa, even an ice skating rink and bowling lanes are in store.  Meanwhile, the Turnberry Ocean Club will have a trio of floors dedicated solely to amenities.  The building's “Sky Club” is set to include a pair of bars, yoga, a salon, a restaurant, plus two pools on the eastern and western sides.

Jon Gilman specializes in Sunny Isles Beach Florida real estate including Sunny Isles homes for sale.  For more information on properties throughout the barrier island or buildings like the Jade Ocean and Jade Beach condos, call 786.486.9560.