TRID! What does it mean to you?

TRID execution is quickly approaching!  What is TRID? TRID stands for TILA (Truth-In-Lending) RESPA (Real Estate Settlement Procedures Act) Integrated Disclosure. TRID was delayed earlier this year, pushed back from an August 1, 2015 start to this week.

What does this mean to you? TRID brings with it additional timelines designed for consumer protection and new forms. Expect your home purchase process to slow down a bit. From what I'm hearing, expect the typical closing time to slow from 30 to 45 days.

On October 3, 2015, new documents will replace the GFE and HUD-1. The GFE will be replaced by the Loan Estimate. The HUD-1 will be replaced by the Closing Disclosure.

For more information, pick up my #1 Best Selling Book at ElysiaStobbeBooks.com

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Published again! Here are 5 Common Rent To Own Mistakes You Don't Want to Make courtesy of Ivestopedia

Published again! Here are 5 Common Rent To Own Mistakes You Don't Want to Make.
http://www.investopedia.com/articles/personal-finance/083115/avoid-5-most-common-renttoown-mistakes.asp

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Will the Federal Reserve Raise Interest Rates This Week? What does this mean for you?

This is a big week for economic news, particularly when it comes to interest rates. This Wednesday and Thursday, The Federal Reserve will meet to decide if the economy is stable enough to raise interest rates. The Federal Reserve has chosen NOT to raise short term interest rates for the last 7 years. Yes, 7 years!  Why is there a buzz that The Fed will raise interest rates now? There are several signs that our economy has stabilized, the first of which is the unemployment rate. There's lots of buzz on this regarding if the unemployment numbers are accurate or not. The biggest concern is that people who are unemployed are no longer counted in the statistics after six  months. So, if you have been unemployed for six months and 1 day you are not included in the unemployment numbers. That's some funny math.

Binyamin Applebaum wrote an interesting article for the New York Times, published today
entitled The Fed's Policy Mechanics Retool for a Rise in Interest Rates. Binyamin's article has some great points about how The Fed's plans may affect lending and our economy.

Seems to me if you are in the process of purchasing a home or refinancing, it's a good time to lock your interest rate!

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Should You Buy an Investment Property or Invest in a REIT?

How do you decide if you want to be a landlord or not? Well, there are several things to consider...first of all, how active do you want to be in your investments? How active should you be in your investments? If it's not your full time job, you still need to pay attention to your investments. This includes your stocks, bonds, retirement accounts, real estate investments, etc, where ever your money is kept. If you don't pay attention to it, who will? If it's not your full time job, even more reason for you to check in. This can be weekly, monthly or daily depending on what vehicle(s) you invest your money into. I have a third party property management company handle my rentals and I check in with them at least once a month. In addition, I review the #'s every month to make sure we are on track with rents and renewals. You may need to do this more or less depending on your preference, number of rentals and if you use a property management company or not. For the stocks that I actively trade, I check on daily. I also spend a few hours every month on my asset allocation and overall performance.

So, what does this mean to you? You need to do what is best for you. How much time do you have to devote to your investments? Do you want to add real estate to your investment portfolio? According to Barron's recent article, "The Allure of Mortgage REITS" by Amey Stone some REITS are paying up to 12% annual yields and the are on sale right now for deep discounts. So, this begs the question, if you can get 12% returns with little or no time investment, why would you build your own real estate portfolio?

A REIT can offer you a (hopefully) diverse portfolio. This can be across property types such as commercial or residential single family homes or multi family. Or  it could be spread among properties in various markets across the country. Some REITS are traded like stocks, some require a minimum investment and can be difficult to get out of, so do your homework.

If you buy your own real estate investment properties you have a few models to choose from...buy and hold, fix and flip or a combination there of. Things to consider include available cash, available time, access to general contractors and  construction teams (if you are considering fix & flip), opportunity to leverage, return on investment goals and much, much more. You can start with one rental or 2nd home that you rent out when you're not using it, see if you have a taste for being a landlord and go from there.

I don't suggest you jump into either real estate investing or a REIT without doing your homework. Real estate can be an amazing investment and it's not for the faint of heart.I hope you find this information thought provoking. If you have questions email me at info@bestmortgagebook.com.

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