Tuesday, March 28, 2017
Monday, March 13, 2017
What your realtor won't tell you....
Friday, March 10, 2017
Friday, March 3, 2017
What you should know about rising interest rates(BPT) - Homeowners planning to refinance and buyers searching for a home may have an idea of what’s in store for them with regards to interest rates, but they never really know until they lock in a rate. This is in part because rates can change direction fast, and when they rise—as they have been recently—it can cost borrowers a great deal of money and time.
The effect of rising interest rates on your home purchase
Today, the median existing-home price in the United States is around $235,000, and the average mortgage interest rate is near 4 percent. If you were to buy a home at that price, an interest rate increase of half a percent would cost you an additional $70 per month on your loan payment. And that assumes you’ll put the standard 20 percent down in advance. A more dramatic rate increase—say from 4 percent to 6 percent, even over time, would increase your monthly payment by almost $300.
Home price gains
For homebuyers, it’s not just rising interest rates that can increase your payment, but so can home price appreciation. In fact, in most markets, housing prices have increased past highs previously set before the financial crisis in 2007/2008. For example, in citing this recovery, the Federal Housing Finance Agency recently increased the maximum loan amount for mortgages that meet Fannie Mae and Freddie Mac guidelines for the first time in more than a decade.
The new conforming loan limits increased only slightly, to $424,100 in most parts of the country. This will enable home buyers in higher-cost areas to access larger home loan amounts and more affordable loan products, in line with local housing prices.
The home buying season may start early this year
Spring/summer is traditionally the busiest home buying time of the year as many sellers wait to list their homes after the cold winter weather is over and to coincide with the summer school break. However, with both home prices and interest rates on the rise, more buyers are expected to enter the home buying market earlier this year, making for a more competitive home buying season. Potential buyers will need to be aggressive to find the home they want at a rate they can afford.
Starting your loan search today
If you're in the market but haven't found the home of your dreams yet, there are tools available to guard against increasing mortgage rates. Lenders like loanDepot help customers save by giving them the opportunity to lock a quoted rate and hold (lock in) that rate for 45 to 60 days, protecting them from potential fluctuations in the market. And with rates rising, now is a great time to lock your loan at a more favorable interest rate.
If you do choose to lock your loan, you'll need to provide an appraisal deposit which can range from $450 to $750. This is not a fee
Navigating your options can seem confusing at first, but a loanDepot licensed lending officer can help. You can learn more by visiting loandepot.com or by calling (888) 983-3240 today for more information.
Sunday, February 5, 2017
Deadline for filing has been extended to March 10th....
Here is a link to a very good DIY Nassau County Property Tax page to help you grieve your taxes yourself on
Sunday, November 6, 2016
Want to buy your dream home for less? Shop in autumn and winter(BPT) - The long-held belief that summer is the only time to buy a home is fading fast. Savvy home-buyers are learning that when temperatures drop, numerous benefits emerge that simply aren't available other times of the year.
"With warm weather and many homes on the market, summer is generally the busiest real estate season. However, autumn into early winter can be opportune times for people who are serious about buying a home, too. This time of year has big advantages - like motivated sellers and less competition - that simply can't be ignored.
If you're in the market to purchase a home, there's no need to hang up your house-hunting hat until spring or summer. Lewis offers eight reasons why now might just be the best time to purchase a home.
Year-end tax breaks
As long as you close on the property on or before Dec. 31, any property tax and mortgage interest paid are tax-deductible for that year. This can dramatically impact the amount of money you owe Uncle Sam, or increase your refund.
The National Association of Realtors(R) recently noted that, in an average year, nearly half of all home sales occur from May to August. Although most people wait until the hustle and bustle of the spring selling season, you'll likely encounter less competition during fall and winter. That means less stress and a reduced chance you'll be involved in a bidding war.
Sellers become more motivated the longer their home is on the market, especially now that the summer rush is over. If a home has been listed for a while, it may allow buyers more room for negotiation and potentially a better deal.
Motivated sellers paired with less-busy title companies may mean a faster closing in fall and winter. Do you want a new home in time for the holidays or new year? It's entirely possible when you house hunt now.
Cheaper moving prices
You're probably planning to hire a moving company in some capacity, whether you're moving across town or across the country. In the fall and winter moving companies tend to be less busy, which means you might have the options of more flexible schedules and lower prices.
Easier to outfit your home
Need a new couch, cutlery or curtains for your home? Year-end sales are perfect for scoring a deal on these otherwise expensive items. Plus, if you move in around the holidays, there are plenty of deals on house-warming gifts.
"In addition to all these benefits for buying post-selling season, interest rates for home loans are still at record lows," says Lewis.
If you're thinking of purchasing a home click www.TopPlainviewRealtor.com