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Buying a Home in NW Philadelphia – 2010 style

January 23, 2010

6337 Sprague StAs we begin 2010, buying a home in NW Philadelphia will be a different process that before. There are changes in the RESPA (Real Estate Settlement Procedures Act) regulations that effect the information your mortgage consultant can, and what information your mortgage consultant MUST provide, as you go through the process of getting a mortgage for the home that you want to buy.

New regulations includes time allotments for lender disclosures. In some cases these time based regulations will slow down the mortgage application and approval process.  You will need to keep in touch with your mortgage consultant  to get the best interest rate. In her Examiner article, Mortgage Consultant, Tara M Gore, provides some guidelines about  Mortgage rates in Philadelphia – what you can expect.

Your lender, your title agent, and your real estate agent will need to work closely together to ensure that you get the house that you want, the best mortgage product and rate, as well as the settlement date that you need. Changes along the way will require communication between all parties. The purpose of the changes is to protect home buyers from surprise costs. There will be no such thing as a ‘last minute change.’ There will also be no such thing as a requiring a fast settlement.

At the same time, the beginning of 2010 is the time for buyers to take advantage of Tax Credits. The $8,000 (maximum) Credit for 1st time buyers, and the $6,500 Credit for repeat buyers require a signed agreement by April 30, and a settlement by June 30.  To take advantage of these credits in the new mortgage environment, the time to get started is NOW.

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One Comment leave one →
  1. February 2, 2010 5:53 pm

    Hey very nice blog!!….I’m an instant fan, I have bookmarked you and I’ll be checking back on a regular….See ya

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