While interest rates remain low, qualifying for a mortgage may be more challenging, especially for first-time buyers. Fortunately, the following seven tips will give you an advantage when you are ready to begin home shopping.

1. Stay on Top of Your Credit Report

One of the major factors in obtaining a loan is your credit history and score. An excellent credit score is above 680 and helps you qualify for a better interest rate and loan options. Stay on top of your credit report yearly and check for errors and correct them before you apply for a loan.

2. Debt-to-Income Ratio Improvements

Lenders look at your debt-to-income ratio which is the amount of money that you make versus the amount you owe.? It is a good idea to pay off those large credit card bills and try to increase your income.

3. Substantial Down Payment

Making a substantial down payment on your loan in the beginning will save you money in the end. Typical loans require anywhere between 5 and 20 percent. Some loans require a 20 percent down payment; otherwise lenders may require you to pay for mortgage insurance that protects the lender from any risks should you not be able to make your mortgage payments.

4. Choose Between a Hybrid or Fixed

Before you secure a loan, determine how long you think you will stay.? If you plan on being in a home a short time, a hybrid loan earns you a lower interest rate for a fixed period. However, if you have long-term plans to stay within your home and community, a typical 15 or 30-year fixed rate is probably best.

5. Shop Around

Don?t be afraid to shop around for your mortgage.? Compare rates and negotiate the best home loan deal.? Upon receiving comparable rates, call and meet with different lenders and use your intuition to decide what makes you most comfortable.

6. Submit Accurate and Thorough Loan Documentation

Submit the necessary documentation so that your mortgage loan is processed timely and accurately. Gather documents such as real estate contracts, tax returns, bank statements and pay stubs.

7. Lock or Float

When you?ve thoroughly investigated your lenders, mortgage programs and rates, you?re ready to lock in a rate. However, before you do, determine if it suits you best to float your interest rate which means the rate moves with the market or lock it in immediately.? Choosing to float your loan runs greater risks but sometimes with gains.

The home buying process doesn?t have to be scary, contact Acuity National Real Estate Solutions, LLC today at (502) 238-7500.? We provide our clients the best of both worlds?old-fashioned professional excellence supplemented by the cutting edge technology necessary for an optimized process and smooth, speedy transactions. In today?s market, you need an agile title and closing partner that can still keep its feet on the ground.

The year is coming to an end, and real estate and title industry professionals are revamping their business plans for 2015.? As most focus on the big picture, sometimes it?s the small things that matter most.? Acuity has nine key elements to include in your fresh 2015 business plan.? It will change the way you conduct business so that you achieve more success in 2015.

1. A Strong Mission Statement

The mission statement is the framework of your professional goals. Why are you a real estate professional? What are your hopes for your career?? Your mission statement is the ?what? and your business plan is the ?how.?

2. Analyze Your Abilities

SWOT is an acronym for “strengths, weaknesses, opportunities and threats.” Analyzing these factors provides the framework for the remainder of your plan for growth.

3. Technology Planning

Technology has expanded and is an essential business tool for today?s marketplace.? Your Internet strategy must be seamlessly integrated for effective marketing, time management, data storage, and communicating timely and securely to clients.

4. Forego the Complex

Simple and realistic objectives make a strong business plan.? Focus on your strengths and delegate out your weaknesses.? ?You can’t do everything and if you try to, in the end, you will accomplish nothing.

5. Account for the Controllable

Every aspect of a title processing business plan should equate to controllable action items. You can control the number of calls planned for the day or week, but you can?t control interest rates or housing prices.? Stick with the constant facts and you will remain a success.

6. Measureable and Time-Oriented

Make goals specific enough that they can be measured.? For example, present five seminars on, ?How to Manage REO Transactions with Ease? by April 2015.? This idea is measurable with a specific date of completion.? Hence, you either make the goal or not and can track your progress for added motivation.

7. Build a Strong Team

The teambuilding concept falls back to simplicity and you can?t do it all.? Great success doesn?t come without a terrific team.? Build up a support group of members you respect that are willing to offer mentoring and counsel.? Advice from experts in sales, investing, accounting, ethics and spirituality will strengthen your business and keep you honest.

8. Exit Planning

An exit strategy eases anxiety about the unforeseen future.? Create an exit plan for each one of these contingencies; voluntary or involuntary retirement with or without a sale, death, disability, or bankruptcy.? Your plan should list each of the possible exits and your solutions.

9. You Won’t Reach Perfection

Remember, short and simple wins the day. As you move through your busy days, you will discover new things to add, items to drop and improvements to make. Focus on the essentials during business hours like sales calls, marketing, prospecting and selling time.? Stick to the things that matter during the day and during ?off? time, tweak your business plan.

Contact Acuity National Real Estate Solutions, LLC today at (502) 238-7500.? We provide our clients the best of both worlds?old-fashioned professional excellence supplemented by the cutting edge technology necessary for an optimized process and smooth, speedy transactions. In today?s market, you need an agile title and closing partner that can still keep its feet on the ground.

Federal regulators have taken steps to enhance mortgage financing for consumers. The Federal Deposit Insurance Corporation (FDIC) led the release of the Qualified Residential Mortgage (QRM) rule, the first of several financial regulators. The new rule results from the 2010 federal government banking reform bill ratified after the financial crisis.

The rule will take effect in 2015, which allows enough time for lenders to put into practice internal processing procedures that fit requirements. Some mortgage lenders such as Acuity National Real Estate Solutions, LLC have already aligned their internal systems with the Qualified Mortgage (QM) rule, which should make for a smooth transition.

The rule clarifies qualifications that make a mortgage loan safe and eligible for sale to investors affiliated with a mortgage-supported security. The loaner isn?t required to preserve the five percent risk-retention amount on the books. As a result, a QRM loan allows lenders to give more loans at a less-expensive rate since they don?t have to pass on the costs of risk-retention to borrowers.

For years, the National Association of Realtors (NAR) has been expressing that the QRM rule should fit well with the QM rule enacted since January 2014. The QRM is in line with their wishes and offers specifications for repayment that allow for safe loans at a fair rate. Steve Brown, president of the NAR, is glad that the FDIC has finalized the new QRM rule and that it lines up with the QM standard.

Both the QM and the QRM rules qualify borrowers with a debt-to-income ratio of 43 percent for loan approval. In addition, there is no difficult down payment stipulation, which regulators discussed including and which the NAR and federation partners were strongly against.

The new rule relies on solid and responsible underwriting instead of burdensome down payments for qualification. The old ruling would have prevented millions of Americans the right of entry to low, safe mortgages that are why the NAR opposed its inclusion in the QRM rule.

Now that both the QM rule and the QRM rule are in sync, there?s better access to mortgage loans, which should help boost homeownership sales. If you are ready to take advantage of the new QRM qualifications and enter homeownership, contact Acuity National Real Estate Solutions, LLC today at (502) 238-7500. We provide our clients the best of both worlds?old-fashioned professional excellence supplemented by the cutting edge technology necessary for an optimized process and smooth, speedy transactions. In today?s market, you need an agile title and closing partner that can still keep its feet on the ground.

On August 19, 2014, the Consumer Financial Protection Bureau (CFPB) replaced the 2013-01 compliance bulletin and policy guidance with new updates. The New Guidance, Bulletin 2014-01, reinforces the original document and reflects results of the new servicing rules additional components in terms of regulations. These are a consequence of the new servicing rules and supervisory activities from the CFPB over the past eighteen months.

There are two new sections in the New Guidance. The first section entitled “General Transfer Related Policies and Procedures” details examples of the policies and procedures that CFPB examiners use to evaluate whether servicers have been successful in transferring related requirements. There are also fine points on post-transfer policies and procedures that servicers may spotlight in upcoming examinations. These include regularly scheduled calls between transferor and transferee servicers help identify research and promptly resolve any possible loan complications.

The second latest part entitled “Applicability of the New Servicing Rules to Transfers” responds to FAQs about how the altered Regulation X is applicable to servicing transfers. The section specifies certain areas of interest, including the number of transfers that might implicate requirements under the following:

• Error Resolution Procedures
• Early Intervention
• Loss Mitigation
• Continuity of Contact
• Force-placed Insurance.

The CFPB is utilizing the New Guidance in order to reinforce three important messages to the mortgage servicing industry. The first message entails the expectation of the CFPB that all mortgage servicers keep an active compliance management system (CMS). CMS would prevent violations of consumer protection laws and necessitate solutions to any violations. The second message instills close monitoring of the mortgage servicing market and may appoint further regulations. Third, the CFPB remains concerned about the current state of mortgage servicing transfers due to ongoing intense volume of servicing transfers.

Acuity National Real Estate Solutions, LLC provides its clients the best of both worlds?old-fashioned professional excellence supplemented by the cutting edge technology necessary for an optimized process and smooth, speedy transactions. In today?s market, you need an agile title and closing partner that can still keep its feet on the ground. To learn more about Acuity?s services, call us today at (502) 238-7500.