mortgage: Data shows Long Island home loan numbers plummet since 2005 - 01/10/13 09:29 PM

The number of Long Islanders getting home loans has fallen by nearly two-thirds since 2005 -- when the housing market was heating up -- according to federal housing data.
Low-income and minority communities were especially affected, with fewer than a dozen home loans approved in some neighborhoods in 2011, compared with the hundreds each year that were originated just six years before.
Mortgage market experts attribute the lending downturn to far tougher loan standards, combined with higher unemployment rates, lower incomes and lower credit scores in pockets of the region, as well as home value declines. What's more, Long Islanders have become far less likely … (0 comments)

mortgage: WHY I THINK HOME PRICES WILL RISE IN 2013 - 01/08/13 01:23 AM
 
Interest rates are amazing low!

Inventory for homes available for sale is way down!
The rule of economics, Supply and Demand.  Low prices, low interest rates combined with low inventory shows that Supply is low while demand is high! 
Congress didn’t allow us to fall off the fiscal cliff, the home mortgage deduction is still with us, so 2013 is a great year to buy a home!  Owning a home is still the American Dream that is achievable!  Did you know FHA mortgages still only require a 3.5% down payment? Conventional loans usually want a 10% down payment.
Bankrate.com … (0 comments)

mortgage: States Negotiate $26 Billion Deal for Homeowners - 02/09/12 12:10 AM
By NELSON D. SCHWARTZ and SHAILA DEWAN After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said. It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks accountable for foreclosure abuses. The attorney general of California, Kamala Harris, left, and New York's attorney general, Eric Schneiderman. Help for Some Homeowners Despite the billions earmarked … (5 comments)

mortgage: People Are Buying Homes AND GETTING MORTGAGES! - 01/14/12 01:27 AM
 
Many believe that very few houses are selling and that almost no one can get a mortgage. We want to let everyone know that neither of these assumptions is true. Recently, the National Association of Realtors (NAR) released their Existing Homes Sales Report. According to the report there are, on average, 12,109 homes selling in the United States EACH and EVERY DAY! That means that approximately 12,000 houses sold yesterday, approximately 12,000 will sell today and approximately 12,000 will sell tomorrow. So the thinking that homes aren’t selling just isn’t true.
Another interesting fact in the report was that … (0 comments)

mortgage: Don't Sweat Rising Mortgage Rates - Affordability is Still KEY - 02/17/11 05:29 AM
Posted by Colin Barr February 15, 2011 Will rising interest rates slam the door on a fragile housing recovery? No -- though that only underscores just how grim the housing picture is. The rate on the 30-year conforming mortgage has risen to a recent 5.1% from 4.2% last October (see chart, right), tagging along behind an even larger rise in the yield on the 10-year Treasury note over that period. Good news, bad news The jump in the mortgage rate has added around $50 to the monthly tab on a 30-year, fixed-rate mortgage on a median-price house ($170,000 or so) purchased … (0 comments)

mortgage: Interest Rates on Mortgages Break 5% - 02/14/11 04:04 AM
By Les Christie, staff writerFebruary 10, 2011: 2:49 PM ET NEW YORK (CNNMoney) -- It's time to say hello to 5% loans. The national average interest for a 30-year, fixed-rate mortgage surpassed 5% for the first time since May 2010, according to Freddie Mac's Primary Mortgage Market Survey. During the week ending Feb. 11, rates averaged 5.05%. That factors in an average of 0.8 points in fees that the average borrower paid to lower his or her rate. And rates quoted by Bankrate.com -- which look at loans not backed by mortgage giants Fannie Mae or Freddie Mac -- spiked to … (1 comments)

mortgage: SENATE PASSES PLAN TO EXTEND TAX CREDIT TO SEPTEMEBER 30 - 06/17/10 01:15 AM
 
The Senate on Wednesday approved a plan to give home buyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.
The move would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The proposal, approved by a 60-37 vote, would only allow people who already have signed contracts to finish at the later date. About 180,000 home buyers who already … (4 comments)

mortgage: MISSED THE TAX CREDIT? Read to see why you may be better off! - 06/01/10 02:54 AM
Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do. Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May. At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82. The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May … (3 comments)

mortgage: Mortgage Rates Dropped Again, at this year's lowest! - 05/21/10 01:29 AM
Mortgage Rates fell to the lowest level of the year this week, as rates fell on U.S. government securities.
The average rate on a 30 year fixed rate mortgage dipped to 4.84 percent, down from 4.93 percent a
week earlier, Freddie Mac said yesterday.   It was the lowest level since mid-December, when rates averaged
4.81 percent.  The average rate on a 15 year fixed-rate mortgage was 4.24 percent.
It’s a GREAT TIME to buy a home! Plenty of properties to choose from, very low rates, and home prices are
more affordable!
Call the Spouses Selling Houses Team to help you find … (1 comments)

mortgage: Mortgage Rates Dropped! A Great Time to Buy a Home! - 05/06/10 03:43 AM
The Average Fixed Rate 30 Year Loan is hovering close to 5% again! All predictions are for rates to go later in the year, so if you are considering a move, NOW seems like a great time to purchase your first home or move up to your next home! See all the Central Suffolk County, New York Listings from Oakdale-Bohemia to Manorville-Eastport. http://www.tjplace.com Weekly national mortgage survey … (0 comments)

mortgage: Loan Defaults Being Used as a STRATEGY by Homeowner's Able to Pay! - 02/04/10 05:06 AM

 

 

 

 
Keep in mind that these defaults are by those with the ability to pay the monthly mortgage. They are choosing NOT TO, usually because they feel it just doeesn't make any sense to make the payment on an "asset" that is now worth much less than the obligation of the loan.  These are people who paid on time last month, but CHOOSE not to pay this or next month.  They will either try to sell the property "Short" (for less than they owe and hope the bank will take the loss) or just … (0 comments)

mortgage: Know What the Experts are Predicting for Interest Rates in 2010 - 02/02/10 04:14 AM
 
If we look past just the price of a home, we know that the buyer will be concerned with its overall cost. We then realize how important the financing component is to the purchase. Where are interest rates headed in 2010? Here is what people in the know are predicting: HSH & Associates: rates will nudge closer to 6% than 5% Moody's Economy.com: 6 percent that sounds about right Washington Post: 6 percent by the end of 2010 Barry Habib of Mortgage Market Guide: It could be as high as 6.5% Morgan Stanley:7.5 percent to 8 percent
What does this mean … (1 comments)

mortgage: Tax Credit Ends - FHA New Rules Begin, What Happens Now? - 01/21/10 02:12 AM
WHAT HAPPENS NOW?The Federal Government has gotten very involved in spurring onhome sales.  It extended and expanded the home buyer tax credit.First time buyers (defined as anyone who has not owned a homefor at least 3 years) can qualify for an $8,000 credit if they are in contract to purchase a home by April 30 and must close by June 30.For those who did own a home and now want to purchase a new one, they may qualify for a $6,500 tax credit.This policy expires soon, spurring buyers into the market now.Just as this effective program ends, a new Federal Governmentprogram … (0 comments)

mortgage: NEW FHA LOAN RULE CHANGES - 01/20/10 06:01 AM
Announced FHA Policy Changes: Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge. If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP. This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the … (1 comments)

mortgage: FHA / HUD Temporarily Allowing Resale of Homes Within 90 Days - 01/18/10 12:22 AM
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERSMeasure to help bring stability to home values and accelerate sale of vacant properties WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers … (0 comments)

mortgage: Mortgage Money IS AVAILABLE!! - 01/11/10 07:39 AM
Mortgage Money IS available in 2010!
Rates are still very low, below 6%.
 FHA still allows buyers to borrow 96.5% and a seller concession of up to 6%! 
What is a seller concession?  A seller concession is when the sales price includes
 some of your closing costs (up to 6%) and the homeowner is contributing
these closing costs. 
 
In New York, SONYMA loans are also available.
There are 6 different loan programs available.
Information on these extra low interest rate loans is available at:  http://www.nyhomes.org/index.aspx?page=48
 
Conventional loans are available too. 
 
There are plenty of … (0 comments)

mortgage: Long Island Real Estate January 2010 - 01/02/10 02:05 AM
It is January 2, 2010 and the market is very busy for us.  We are seeing several buyers seeking information on area homes every day!  This is traditionally the slowest time in real estate in our area of Central Suffolk County in New York.  Thanksgiving to New Years. 
What is driving the renewed interest in purchasing homes?  Why is NOW the time to buy?
The extension of the $8,000 tax credit for first time buyers is a huge factor.  Combine that with still low interest rates (although they are starting to inch upwards and most think they will continue to rise … (1 comments)

mortgage: SO, How's the market? Isn't that the question we all get? - 07/21/09 06:26 AM
Every where we go, we get asked by everyone, are houses selling?
Our answer is YES!!!  Our experience shows a very active market.  WHAT is selling is really the question that should be asked.  WHAT is selling are the lower priced properties.  The investor and first time buyer market is booming.  Low priced homes, listed below $275,000 are what's hot, hot, hot!
The first time buyers who COULD qualify for a mortgage (and yes, mortgage money IS available), yet where priced out of the market for years are looking and buying. Of course, the lower prices combined with the $8,000 possible … (0 comments)

mortgage: MORTGAGE MONEY AVAILABLE AT RECORD LOW RATES! - 12/20/08 05:19 AM
I have to say, I am surprised how often I hear people saying that no one can get a mortgage anymore.
This is inaccurate. While some types of mortgage products are no longer available (such as a "stated" income, no documentation type loans) aren't done anymore, other products are available. 
FHA loans are common, you only need 3.5% down payment, you don't need perfect credit, and you can finance up to 6% of your closing costs.
Other, conventional loans are available for those with good credit and provable income.
It is a fantastic time for first time buyers to purchase, rates … (2 comments)