5 Mortgage Closing Terms Every Buyer Should Know

When the housing crisis and economic recession hit, it put many prospective home buyers’ plans on hold, forcing those considering purchasing a home into the rental market. Now, as the economy continues to improve, some of those renters are looking to own. 

However, there are many factors to consider when buying a home. When it comes to the closing process, it is a good idea to know the terminology that will be discussed. This can help make the situation much more comfortable and professional for all parties involved. Below are some of the terms that may be discussed during the closing process.

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[Infographic] 2018 National Real Estate Housing Forecast

Next year will set the stage for a significant inflection point in the housing shortage. Inventory increases will be felt in higher priced segments after spring home buying season, which we expect to take hold and begin to provide relief for buyers and drive sales growth in 2018 and beyond. There is big relief for buyers in the upcoming year. 

Home prices are anticipated to increase 3.2 percent year-over-year after finishing 2017 up 5.5 percent year-over-year. Existingo home sales are forecast to increase 2.5 percent to 5.60 million homes due in-part to inventory increases, compared to 2017’s 0.4 percent increase or 5.47 million homes. Mortgage rates are expected to reach 5.0 percent by the end of 2018 due to stronger economic growth, inflationary pressure, and monetary policy normalization in the year ahead.

Realtor.com® Forecast for Key Housing Indicators3B83820F-B6DC-4163-9BC6-2F7A6FB14145

2018 will be a big year for real estate, with many new first time home buyers entering the market. Have you been 100% satisfied with your title insurance partner? Try something new for a change and partner with a title agency that will provide you 24/7 customer service and support on your every real estate need. Hamlet Title Agency specializes in New York realty and we are looking forward to expanding even further in 2018. If you want to work with us, give us a call at 631-654-5666.

 

Tony Bellettieri
ABOUT THE AUTHOR | Tony Bellettieri

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