COMPARE CLOSING LLC

  What is a Contingency? The word  contingency  is very common and is being used in our day-to-day lingo, but when it comes to the financial industry let us look at what exactly does it mean?. It refers to an alternative when any potential occurrence of a negative event occurs in the future, like an economic recession, natural disaster, fraudulent activity, terrorist attack, or a pandemic. Many businesses took a hit due to the coronavirus pandemic in 2020 forcing many employees to work remotely. This resulted in, companies changing their contingency and implementing a remote work strategy. However,   for some businesses, working remotely wasn’t an option, so they had to implement enhanced safety measures for employees and customers to prevent the spread of the virus. Even if one can be prepared with contingencies, the nature and scope of sudden negative events are unknowable in advance. Through analysis and implementing protective measures businesses and companies al...

  Home affordability in the United States has dropped to its lowest level in 13 years, a recent data states that the median household compared to 2008, now needs close to 32% more income to cover mortgage payments. According to the National Association of Realtors, as for home appreciation, the median price of an existing home rose to a record high of $356,700 in August, which was 14.9% higher than the same last year. New American Funding’s new  r egional business development manager for Arizona, and Central, and Northern California, Mark Tribuna’s job is to lead the company’s large network of loan originators the company works to serve the lending needs of non-profit affordable homebuilders. Tribuna has been working on finding practical solutions to the problem of affordability. He has created programs to help up to 1,200 nonprofit home builders across the country and says that the biggest barrier to homeownership is having the down payment so that you can obtain financing. H...

  In October the U.S. added 531,000 jobs and became the best month in the labor market. According to data released by the Labor Department, these new job gains were greater than the 450,000 new jobs predicted by economists. Even with the better-than-expected jobs data, the number of unemployed people in the country dropped only slightly from 7.7 million to 7.4 million, which was 5 million in February 2020. The labor force participation ra t e that measures the percentage of workers that are employed or actively seeking employment stayed at 61.6% and has not moved since June 2020 said Bankrate analyst Mark Hamrick. With the ending of federal enhanced unemployment benefits, many workers have returned to the labor force, strengthening the labor market in October said Jay Pestrichelli, the CEO of Florida-based investment firm Zega Financial. Industries like leisure and hospitality, manufacturing, and transportation saw notable job gains as Covid-19 cases declined. During the height of ...

  According to the Federal Trade Commission, the promise of a third stimulus check is the time crooks have been awaiting to steal money from unsuspecting victims. The American Rescue Plan, authorized payments, of up to $1,400 per person. And through the end of 2021, the IRS is sending the payments to eligible households. Most payments are issued automatically, based on recent tax return data or from an online tool for people who don’t file a return. According to an alert is s ued by the FTC, scammers are sending bogus e-mails which look like that from IRS asking individuals to click a link to access a form that will help them to get a third Economic Impact Payment. But if customers click those links the scammer could steal their money and personal information. At times the criminals pretend to be from the Social Security Administration or other government agencies and threatened customers with the fear of missing out on a benefit if they do not share their personal or financial inf...

  According to the Arizona Department of Housing, after the inclusion of $197 million in new federal pandemic relief funding to the state’s Homeowner Assistance Fund many low and middle-income homeowners who are struggling with their mortgage bill payment because of loss of income or increased healthcare costs, can get help. This assistance is available so people can prevent foreclosure, recipients can also use the funds for household expenses, insurance, and paying bills. Homeowners whose gross annua l  household income is 150% or less of the area’s median income can qualify for this program and it is obtainable only if it is the applicant’s primary residence. For residents of Pima County, the income limit ranges from $72,094 to $102,938 depending on the household members. Tom Simplot, Director of State Housing Department said that upon qualifying the aid payments are sent immediately directly to a homeowner’s loan servicer. Programs like these are a boon for homeowners who’v...

  About Regulation Z A law called  regulation Z  protects consumers from predatory lending practices. Regulation Z at times are called the  Truth in Lending Act , according to this act lenders are supposed to disclose borrowing costs so that the consumers can make informed choices. The law is beneficial whether one is shopping for a mortgage or comparing credit cards. Regulation Z could help customers to know what to look for before borrowing money. Let us know more about this protective measure. Knowing more about Regulation Z and its working Regulation Z was passed in 1968 by Congress and it is a section of the Truth in Lending Act (TILA). In t erchangeably both the terms are used by many. The purpose of this act is to protect consumers against misleading lending practices. The actual loan terms do not get governed by Regulation Z, neither can it decide as to who can apply for credit or cannot direct lenders to offer certain types of loans. Instead, the law: Regula...

  According to a new report by the personal finance website, WalletHub which collated data on various data like mass shootings, hate crimes, COVID-19 death rates, and natural disasters,  Vermont ,  Maine , and  New Hampshire  has been elected the three safest states in the US. 50 states were compared across five key areas: 1 — Personal and residential safety   2 — Homicides and assaults   3 — Income and debt data   4 — Road and workplace safety   5 — Preparedness for climate disasters On a 100-point scale ,  Vermont scored the highest at 69.49, Maine followed with 66.24 points and New Hampshire scored 65.35 The three states which came at the bottom, are Louisiana with a score of 33.18, Mississippi and Texas trailed close behind. It was noticed that all of the three best scoring states are located to the extreme northeast and border each other. With the pandemic causing about 375,000 deaths in the country last year it is still one of the ...

  The relatively low mortgage rates will eventually come to an end. According to Bankrate’s national survey of lenders for a  30-year fixed-rate mortgage loan rat es averaged 3.24 % and 2.49% for a 15-year fixed-rate home loan. Experts predict that rates will continue to trend higher in the coming weeks. In recent U.S. economic news, the number of people filing new unemployment benefits claims dropped to a 19-month low. While on the other hand, the jobs report appeared dull, in September the American employers added only 194,000 jobs showing that the recovery is yet far away. This  a dded further pessimism to the overall outlook with supply chain issues and fears of inflation also persisting. The chief financial analyst of Bankrate, Greg McBride, said that mortgage rates will continue to move up in the coming weeks as inflation is rising and the Federal Reserve to begin tapering bond purchases. The 30-year rates are expected to average between 3.25 % to 3.5 %, in November...