Refinance Demand Increases 105%

Mortgage rates have set another record low - the 15th record so far this year and many homeowners are taking advantage of this situation. We are seeing many of our past clients coming in again to take advantage of the super low rates and completing another refinance of their home, saving thousands if not tens of thousands of dollars. If you have not seen us in the past few months, perhaps you need to!

The question we keep getting is, “so what are the rates?”. We can only say what is being reported, which is, the average 30-year fixed rate loan is now down to 2.85%, but that is just the average rate. Depending on your situation and type of loan, you could see your interest rate being even lower. We have seen loans being closed in the mid 2% range.

What does a lower rate mean? With a refinance of your current mortgage, you may be able to cut your mortgage payment or you may be able to shorten the length of your loan. Who knows - maybe you can do both! But let us start with the idea of a lower payment. Just half a percent cut in your rate could save you about $1,000 a year on your mortgage payments. Take that number over the next 30 years and you are saving about $30,000 over the life of your loan. Or take those monthly payment savings and prepay your loan. This cuts YEARS off of your loan! Either way, it merits consideration.

So, what are the next steps? Give us a call or email and we can help get the process started. We are closing loans with many lenders, and we know the ones that make the process easy and have the best rates. We are happy to put you in contact with the right lender for your situation and help you to realize your savings!

⚠️ Fraud Warning ⚠️ Riskiest Week for Wire Fraud in Six Years!!

Could this be the riskiest week for wire fraud in six years?

The answer is yes!
 
With the Fourth of July being observed on Friday, unfortunately, this creates an opportunity for scammers. One thing different about this year than in previous years is that the federal reserve is open!
 
As fraudsters attempt to take advantage of this situation, scams on Thursday and wires sent to fraudulent accounts presents a risky scenario as you will have a much lower chance of recovery if the fraud isn’t detected until next week.

Why can't we close electronically???

With the industry ramping up their use of remote online notarization, the question is when will buyers and sellers be able to close without the formal face to face meeting with a closing officer? The answer is….. it’s coming!

There was a big push in the early 2000’s, with the emergence of technology and regulation changes, to allow for online signatures on documents. Most every person has experienced signing documents on line. If you’re in the middle of a real estate transaction, it’s likely you have signed some documents online.

There are two big issues when it comes to electronic documents and your actual closing - the local court house that records documents and the actual Promissory Note.

First, the local court house…..

When the owner of a property sells, the transfer happens with a Deed. The Deed must be signed and notarized by the seller, then it’s submitted to the local court land records. In Virginia, this document has been “wet ink” signed and notarized, but now it can be signed and notarized electronically. The problem is, not all courthouses have deployed technology to accept an electronically signed document.

When a document is electronically signed, it includes tamper resistant seals that secure the document and prove its authenticity. The problem starts with verifying the authenticity seal of the document, this can only be done in the digital world. If the county clerk has not enabled technology to received these digitally sealed documents, they cannot prove the document is valid and therefore, cannot accept it for recording. Many county clerk’s offices are accepting electronic documents, but not all.

This same issue is a problem for the buyer should they be obtaining a mortgage on the property. A Deed of Trust, securing the loan being made, must be signed by the buyer, notarized and recorded in the same fashion as the Deed.

Second issue - The Promissory Note

The Promissory Note is the promise of a borrower to repay a loan. The basis of this document is that it’s a “negotiable instrument” - in other words - the person in possession of the Note is the one that is owed the money. If you don’t actually posses the note, you cannot collect what is due you (yes we know the news from what happened back in the late 2000’s, we leave that for another post).

So, if you sign your Promissory Note electronically, how do you limit who can “possess” the Note when it can be sent to an unlimited number of people? All would have the secure document in their possession - which one is the “original”?

This issue is being worked on now, and it creates a whole new level of technology. The market is answering this issue by creating what is known as an eNote. These eNotes include “transferable records” verification through the use of eVaults that can answer the issue of who is actually in possession of the Note.

The good news? We are getting closer to the day where you will be able to buy and sell real estate while sitting on a beach, in your office, or more importantly, being at your new home where you can immediately direct the movers on where to place your couch.

Client Security is a Primary Focus

EnTitle First is proud to announce that we successfully passed the Secure Insight’s vetting process and continue to take measures to keep your security a top priority.

Secure Insight is the mortgage industry’s only third-party closing professional verification service and has established practice and security standards that is verified through public and private databases. The Secure Insight process delivers the most advanced closing fraud risk analysis in the industry and meets all risk management requirements for third-party vetting of vendor relationships, as outlined by CFPB, OCC, HUD, FDIC, Fannie Mae, Freddie Mac and the National Credit Union Administration. The purpose to create a national database of bank approved closing professionals where the real estate industry can know their partners at the closing table.

What does this mean for buyer and sellers of real estate?

Most buyers, sellers and agents do not have the time, knowledge or desire to vet all the various closing companies prior to placing their order. What is their office security policies for private information? What is their practice for accounting of funds? What procedures are in place for accepting and disbursing funds? and the list of items of concern to buyer and seller goes on. Simply being vetted and approved allows you to have an added layer of comfort that your working with a responsible closing company.

Even though the application process typically takes a closing company about 30 minutes to complete, many never apply as the process is through. Further, of the companies that do apply, only 85% of applicants meet the high standards for approval.

To lean more about Secure Insight, please visit their web site or contact us. We are here to help you through your real estate transaction.

Close from the Comfort of your Home

Close from the Comfort of your Home

Did you know this is a great time to take advantage of the extra low interest rates? We are NOT a lender, but we can help save you money when you refinance your loan and close with our office. Use your favorite lender and let them know that EnTitle First will be your closing agent, or if you don't already have a preferred lender, we can put you in touch with a great lender who has a proven track record for customer satisfaction.

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Tell your lender that you want to close at EnTitle First!

We can help you save money and time!

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We can save you Money and time

When you close with EnTitle First for your refinance, we will provide a FREE online notary, if available in your county and with your lender approval.

or

Save $50

Click the coupon and get $50 off your EnTitle First Refinance Settlement Fee.

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About Us!

·         EnTitle First, established in 1999, is locally owned and operated.

·         Knowledgeable, experienced, friendly staff.

·         5-Star Rating Among Past Clients and REALTORS!

Contact us today to schedule your closing.

7 Reasons Why Every Homebuyer Needs Owner’s Title Insurance

7 Reasons Why Every Homebuyer Needs Owner’s Title Insurance

Buying a home is an exciting and emotional time for many people. To help you buy your home with more confidence, make sure you get owner’s title insurance. Here’s why it’s so important for you.

1.    Protects Your Largest Investment

A home is probably the single largest investment you’ll make in your life. You insure everything else that’s valuable to you—your life, car, personal property, health, pets, jewelry, etc.—so why not your largest investment? For a one-time fee, owner’s title insurance protects your property rights for as long as you or your heirs* own the home.

2.    Reduces Your Risk

If you’re buying a home, there are many hidden issues that may pop up after purchasing it. Getting an owner’s title insurance policy protects you from legal title discrepancies. Don’t think it will happen to you? Think again. Here are just some of the many situations that you’ll be protected from if you have owner’s title insurance.  

Unforeseeable title claims, such as:

·       Forgery: making a false document

–       For example, the seller misrepresents the identity of the person selling the property.

·       Fraud: deception to achieve unfair gain

–       For example, someone steals your identity and either sells your house without your knowledge or consent, or takes out a second mortgage on the property and walks away with the money.

·       Clerical error: inconsistent paperwork and historical records

–       For example, an unforeseeable discrepancy in the property or fence line causes confusion in ownership rights.

Unexpected title claims, such as:

       Outstanding mortgages and judgments, or liens against the property because the seller didn’t pay required taxes

·       Pending legal action against the property that could affect your ownership

·       An unknown heir of a previous owner who is claiming ownership of the property

3.    You Can’t Beat the Value

Owner’s title insurance is a one-time fee that’s very low relative to the value it provides. It typically costs around 0.5% of a home’s purchase price.

4.    Covers Your Heirs*

As long as you or your heirs* own your home, owner’s title insurance protects your property rights.

5.    Nothing Compares

Home insurance and warranties protect only the inside of the home. Getting owner’s title insurance ensures your family’s property rights stay protected.

6.    8 in 10 Homebuyers Agree

Each year, more than 80% of America’s homebuyers choose to get owner’s title insurance.

7.    Peace of Mind

If you’re buying a home, owner’s title insurance lets you rest assured, with the knowledge that you won’t be stuck with certain existing debts or legal problems once you’ve closed on your new home.

NNA Develops Health Disclosures

The National Notary Association is has created a couple different documents who are preparing to close on a real estate transaction. These forms are a health screening questionnaire, including self-declaration’s for borrower’s and the signing agents.

Signing Agent

Borrower

NNA is encouraging the use of this form and for all parties in the closing process use this information as part of their closing process.