Posted on January 18, 2016 in Home Ownership
The housing market is always a topic of interest, and therefore, so is the mortgage market. Over the years, news reports from both industries haven’t always been positive…until now.
In Michigan, more people are buying homes at higher prices compared to last year. This creates a seller’s market which can eventually create a shortage of homes. When this happens, the demand for new homes to be built increases, which we are now seeing in most communities in Michigan. There are some communities across the state where double-digit appreciation has occurred.
Last month, the mortgage industry completed one of the biggest regulatory changes the industry has seen. The TILA-RESPA Integrated Disclosure regulation, also known as TRID, went into effect on October 3rd. TRID implemented new forms, as well as established mandatory waiting periods throughout the mortgage process in order to ensure the consumer has all the information they need before moving forward with the mortgage. These changes will help rebuild trust between the consumer and the mortgage industry, as well as streamline the mortgage experience industry-wide.
Growth is the theme for the housing and mortgage markets in terms of number of sales and average sales price. As both markets continue to grow due to demand and regulatory changes, now might be the best time for you to consider purchasing a new home or remodel!
Let our dedicated Mortgage team find the perfect solution to make your financial dreams a reality. Call one of our Mortgage Loan professionals at (800) 867-9757 or visit www.ChemicalBankMI.com to get started!
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