Recently the Federal Housing Authority (FHA) has instructed lenders that they will no longer be allowed to collect interest on an FHA backed loan after the loan payoff date. Sounds strange? Yep…So it happens like this…If you own a home in New Braunfels, sell it and the closing date was September 10th, the lender could charge you interest for the entire month of September even though the loan was paid in full on the 10th! Normally things like property taxes are pro-rated by the title companies so that you only pay for the time you owned the home. But with FHA backed loans, they could provide a final payoff statement with full interest until the last day of the month. Could be a pretty good chunk of money depending on when your closing date is.
But recently the FHA has confirmed that starting on January 21st, 2015, new FHA mortgages will require lenders to collect interest only on the balance remaining on the date of closing for a home sale or refinancing. If you sell your New Braunfels home or real estate before that date, the new policy won’t help you much.
Why was this in place in the first place? FHA says it’s because the bond investors, the people that buy the insured mortgages/packages expect to receive a full months interest. So to keep them happy they allowed the policy for a long, long time. But it’s about time for the change!
Selling or buying a home is challenging enough, and then you get to move everything you own! Oh Joy! You go through it once and you say you’ll never move again. Can’t tell you how many times I’ve heard that one. I came across a few great tips from Kiplinger that will help you keep yourself and your belongings safe during the move.
With over 9300 complaints in the U.S. in 2013, the Better Business Bureau says be careful of the bait-and-switch scheme where you get a quote from a mover, then they try to charge additional fees and they hold your belongings hostage!
Get everything in writing!!! No verbal estimates or best guesses with movers. Movers typically charge either based on per hourly rate or weight and distance. Either way be wary of movers requiring a large deposit or only cash.
Check out the movers on the BBB’s website. Visit www.protectyourmove.gov to ensure they are registered with the Department of Transportation or use www.moving.org to get some quotes and tips for the moving process.
Make sure your items are covered during transit by the mover’s plan. Sometimes your insurance company will cover catastrophic circumstances so give them a call to let them know about your move and how they can help. Interstate movers typically offer two types of insurance. One gives you a percentage of the damage reimbursement and the other is full value insurance. Check with the movers to find one that suits your needs.
If something happens and you need to take things to a higher level, contact the Federal Motor Carrier Safety Admin or visit www.protectyourmove.gov and find a local consumer protection office for assistance!
No you don’t. But, we stress the importance of getting your own inspector hired by you, to provide a final inspection of the home just as you would with a pre-owned home. We certainly help you with that process. The builder performs their own inspections, typically by a third party inspector and you can accept the builders inspection, or what we recommend, hire your own in addition to the builders inspection. The builder will still perform all necessary repairs.