Like it or not, Millennials are changing the housing market!

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 It’s long been projected that Millennials are destined to dominate the housing market in upcoming years. Now, new data from Realtor.com reveals that it’s finally happening. Millennials are buying houses. Lots of them.

What’s new is that Millennials also finally surpassed older generations in the total dollar amount of those mortgages. According to the data, Millennials now represent the largest dollar volume by age group as well.

Americans say buying a home is the most stressful event in modern life.  30% are reduced to tears while buying first home.

Americans say buying a home is the most stressful event in modern life.  30% are reduced to tears while buying first home.

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It’s no secret that buying a home can be a complicated and even confusing process – and now one survey showed just how stressful Americans say that process is.

 

As it turns out, many Americans, about 40%, say buying a new home is the most stressful event in modern life, according to a survey of 2,000 Americans by Homes.com. Another 44% said they felt nervous throughout the home-buying process.

In fact, many say that going on a job interview, hosting Thanksgiving dinner and applying for college are all less stressful life events than buying a home.

“First-time homebuyers are often stressed and overwhelmed when making such a large purchase like a home,” said David Hoegerman, Homes.com senior manager of content. “As a result, they are looking for guidance and assistance to help make the process easier and smoother.”

Here are some of the specific problems buying a home causes, according to the survey:   continue reading

J.D. Kious elected to the Board of Directors for Journeys in Community Living

J.D. Kious elected to the Board of Directors for Journeys in Community Living

We are excited to announce that J.D. Kious was recently elected to serve a 3-year term on the Board of Directors of Journeys in Community Living.  This will mark J.D.’s third term on the Board.  He is also a past Board Chair.  Journeys in Community Living is dedicated to supporting adults with disabilities in choosing and realizing their visions of where and how they live, work, and socialize.

JIJDCL was established in 1975 as the Rutherford County Adult Activity Center. The organization, which changed its name in 2011, provides community participation services, industrial training services, job training and placement services, special services, residential services and transportation services to more than 120 adults with intellectual disabilities in both Rutherford and Cannon Counties in Middle Tennessee.

Journeys operates with the beliefs that everyone, regardless of disability, has the right to live a healthy and secure life; work at a meaningful job which they enjoy; live in a home of their own with whom they choose; have friends and other relationships in their lives; and to participate in and contribute to their communities.

30% of homeowners are making a mistake that could cost them thousands

30% of homeowners are making a mistake that could cost them thousands

mortgage rate 1Nearly a third of American homeowners may have no idea what their mortgage rate is.

That’s according to new data from Bankrate, which surveyed 2,194 adults, including 1,330 homeowners. When asked, 29 percent of respondents with a mortgage either didn’t know their rate or wouldn’t say.  Understanding your mortgage rate is crucial because even the smallest difference can add up to tens of thousands of dollars over time. It’s an especially important number for homeowners with adjustable-rate mortgages, which rise and fall.

Let’s use a $200,000 home, since that’s approximately the median home value in the U.S., with 20 percent down and a 30-year mortgage as an example. A rate of 3 percent means you’d pay about $82,843 in interest over the length of the mortgage. A rate just 1 percent higher would cost $114,991 in interest — an increase of over $32,000.  With mortgage rates rising to their highest level in years, it’s becoming an increasingly important decision for homeowners with adjustable rates to consider switching to a fixed rate.
Tennessee notaries will soon be able perform online notarizations nationwide

Tennessee notaries will soon be able perform online notarizations nationwide

Tennessee State legislature approves online notarization bill Notary image

Notaries are starting to put down their stamps and pick up a webcam.  Every year, hundreds of millions of documents are notarized in the United States. Since the Roman Empire, notarizations have been done pretty much the same way: in person.  Now, new technology and new laws are making it possible to skip the sometimes-problematic search for the notary stamp in favor of a video chat.

Notaries in the state of Tennessee will soon be allowed to perform online notarizations for signers nationwide after Tennessee State Legislature passed the remote notarization bill, empowering every Tennessee notary public to conduct notarizations online. With the overwhelming passage of HB 1794/SB 1758, the bill is now headed to Tennessee Governor Bill Haslam’s desk to be signed into law.  Tennessee can join the movement and soon bring an antiqued process of finding a notary into the digital era.

Once the bill is signed, Tennessee notaries will join their counterparts in Indiana, Virginia, Texas, and Nevada in being able to perform online notarizations nationwide.  The process is clear-cut.  First upload a document to an app or website and get connected with a notary by video, on a split screen; verify your identity by showing a government-issued photo ID, and the notary witnesses you signing your name on screen using your finger or mouse. Then, the notary adds their electronic signature and a digital version of a stamp or seal. The whole transaction is recorded and secured on the cloud in compliance with retention rules.  Both the signer and the notary can get copies.

Some concerns about digitization have divided the notary industry and America’s 4 million notaries are split on the idea.  “It’s the notary issue of the year,” says Bill Anderson, vice president of government affairs at the National Notary Association. “Allowing that appearance to take place via audio/video communication technology is certainly new and to some extent, untested. … We’re being cautious. But we are trying to accommodate those that think this is a good idea and to add some security to it.”

“Of course, there will always be those who prefer to get their documents notarized in person, if only to hear the old-school stamp of approval.”

 

Sources:  Ben Lane, HousingWire.com, Tennessee notaries will soon be able to perform online notarizations nationwide

Lauren Silverman, All Tech Considered, Notaries are starting to put down the stamp and pick up the webcam

 

What are your closing options?

What are your closing options?

Know Your Traditional and E-closing Options

Closing optionsThere’s been a lot of buzz about online notaries and digital closings over the past year. While many states will start to consider online notary legislation, the fact remains there are four main ways closings can occur. Here’s a summary of the options:

Traditional Wet Signing: These closings are handled in-person and all of the documents are in paper format. The closing is handled with an in-office or mobile notary public signing with the buyers and sellers. They can also be conducted by what is called a mail-away, where the documents are mailed to the buyers and sellers, who must locate a public notary in their area and sign in their presence.

Hybrid E-closing: These closings are similar to the traditional closing in that they are handled in-person. Some of the documents are wet signed, while some are signed digitally with an e-signature. These are typically handed in-office or the mobile notary drives to meet the buyers and sellers.

In-person Digital E-closing: Terms for this type of closing have not been standardized yet in the industry. In this closing, the notary public is sitting face-to-face with the buyers and sellers, but 100 percent of the documents are signed with e-signatures. This can happen in the title agent’s office or the notary public can meet the buyers and sellers at a different location.

Online Notary E-closing: This type of closing is the newest version. It has many different names, but often referred to as online notary. You might also hear the terms webcam or remote used to describe this type of closing. What’s new here is that the notary public is not face-to-face with the signers. Instead the notary public appears before the buyers and sellers via some webcam or audio visual-technology. Because of that, all of the documents are digital and e-signed. Currently, only two states have legislation on the books that governs online notaries. Virginia and Montana allow for this type of closing in certain circumstances. Texas and Nevada passed online notary bills that go into effect in 2018. Several other states will consider online notary legislation in 2018 as well.