Oct. 12 (Bloomberg) — Spencer Rascoff, chief operating officer of Zillow.com, talks with Bloomberg’s Matt Miller and Carol Massar about the outlook for the US housing market. Rascoff also discusses mortgage rates and the outlook for foreclosures.(Source: Bloomberg)

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Once your loan is approved, you will be ready to take the final step that will
lead to the door of your new home.  Many homebuyers are intimidated by
the closing process, but it’s not as complicated as you may think.  In fact,
finding the right home is much more difficult than closing the deal.

Making It Official

The closing process begins with the borrower and lender meeting in the
presence of a notary public.  This is a person who is authorized to oversee,
create or certify contracts, deeds and other legal documents.  At the
conclusion of the signing, the notary public will provide their stamp and
signature, which certifies the identification of everyone present and the
signatures on the loan application.

Handing Over The Cash

When you meet with the lender to close the loan, you will be required to
produce your down payment and, if required, the closing costs.  Ask your
lender about acceptable payment methods, which may include a cashier’s
check or other certified funds.  If you have an account with the lender, a
personal check may be accepted in some circumstances.

Review The Loan Documents

At closing, this will be your final opportunity to review the loan documents.
You should make sure that everything is accurate and as promised, including
the interest rates and loan term.  It’s also important that you confirm that
the names and addresses are correct, along with other important information
relating to the loan.  If anything is inaccurate, now is the time to make
changes.  Never sign the loan documents until everything is perfect.

Sign Here, Please

Once everything is verified and the loan documents are approved by both
you and the lender, it’s time to sign on the dotted line.  Believe it or not, this
is one of the most nervous times for a homebuyer.  If you’ve chosen the
right home and are comfortable with your loan, however, it can also be one
of the most exciting.  Once the documents are signed, the notary public will
affix his/her stamp and signature.

It’s A Done Deal

The final step in the closing process is a simple handshake.  Most lenders and
homebuyers will extend their hands and, with a smile, the person who was
just a homebuyer is now a homeowner.  Now that’s something to shake on!

With the keys to your abode now firmly in hand, it’s time to get moving and
turn your new house into a home.

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The much-anticipated wave of adjustable-rate-mortgage resets—which are beginning to hit many homeowners now—may not be as devastating to the housing market as experts had feared.

“I don’t see much of a payment shock as long as interest rates remain low,” says Frank Nothaft, chief economist at Freddie Mac. “The Fed has been moderating policy and keeping rates low for treasurys that serve as an index for ARMs. I think that will continue into the end of 2011.”

Over the last two years, many industry analysts were expecting the large number of ongoing ARM term changes to have a crushing effect on the housing market, with increases on interest rate payments—as well as principal—forcing thousands more foreclosures than are already taking place.

But historically low interest rates are reversing that expectation. In fact, Nothaft says, some ARM mortgage holders might even see their interest rates lowered when the loan terms change.

“That’s not to say everyone with an ARM will see their rates go down, but some will as the rates have continued to fall for those ARM indexes,” Nothaft adds.

And even with increases in principal—which are included in some ARMs—homeowners might not take a much of a hit, says Marc Schwaber, corporate development manager mortgage for First Choice Loan Services in New Jersey.

“One side may go up, the principal, but the other side, the interest rates, will more than likely go down with the new terms,” Schwaber goes on to say. “I think it balances out more or less.”

Still, some analysts are continuing to warn about the dangers for ARM borrowers and the housing market.

“A lot of ARMs were interest-only payments and the principal balances are going to increase as the loan terms restructure in the days ahead,” says Rick Sharga, vice president of RealtyTrac.com. “People who have those type of ARMs are going to see big increases in their housing costs. I don’ think many of them will be able to afford it.”

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Starting this quarter, nearly one million adjustable rate mortgages are estimated to be reset into higher payments over the next three years, with some 750,000 of them adjusting now and through 2011. They will reach a peak next year of 54,000 adjustments just in the month of August.

Sharga says about half of all those ARM loans will see their principal costs rise—what’s called recasting—along with possible interest rate hikes or resetting.

“About $300 billion in ARMs will reset and recast to higher payments in 2011,” Sharga goes on to say. “I think this is a potentially toxic situation for homeowners and the market with more foreclosures on the line.”

Option ARMs primarily offer homeowners loans at a much lower initial interest than a fixed mortgage, for say a 3-6 year period. Buyers can even get interest only ARM loans and skip principal payments for a time. But the terms eventually change and both principal and/or interest rates usually goes up.

While some experts might downplay the effect of ARM resets, option ARM loans have been somewhat of a thorn in housing’s side during the real estate crisis. That’s because their delinquency rate is still high as the terms change—as is the foreclosure rate.

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