Monthly Archives: December 2013

HARP for Second Homes or Investment Properties | Pound Ridge Homes

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Since HARP, the Home Affordable Refinance Program, was made available in 2009, more than 2.9 million* homeowners have used the program to refinance their properties. But over the years, HARP has seen significant enhancements, and there are now many eligible borrowers whose properties are not their primary residences. Today, 1 in 6 HARP refinances are for a second home or investment property.

People have second homes or investment properties for a variety of reasons. Maybe you wanted a vacation home to get away or decided to join the investment property business. Sometimes a home becomes an “accidental rental” due to an unexpected or unplanned move, and you were unable to sell because of the drop in home value. Regardless of the reason, you are encouraged to look at HARP as a refinance option. You may be financially stable and are making your monthly mortgage payments, but you are making payments on a loan that no longer matches the value of the home.

HARP is a unique program created by the federal government for people in your situation. If your property — primary residence, second home or investment property — is valued at less than what you owe, take advantage of the program and get a better rate and/or terms on your loan; you may be able to build equity faster. You’re doing everything right, so visit HARP.gov to learn more and talk to your lender.

The same rules apply

To qualify a second home, it must be a single unit or condo; for an investment property, it must be a 1- to 4-unit home. Otherwise, all requirements for the primary home also apply to the second home or investment property:

  • Your mortgage has to be backed by Fannie Mae or Freddie Mac and acquired before June 1, 2009.
  • You must be current on your payments (no 30-day+ late payments in the past six months and no more than one in the past 12 months).
  • Your loan-to-value ratio (the amount you owe versus the amount your house is currently worth) must be greater than 80 percent.

*Numbers based on reported refinance data from FHFA Refinance Report October 2013.

 

 

http://www.zillow.com/blog/2013-12-26/harp-second-investment-properties/

 

Incredible treehouse hotels | Waccabuc Real Estate

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Hainan Island, China

SANYA NANSHAN TREEHOUSE RESORT AND BEACH CLUB The operators of this four-unit treehouse resort, which has a sister site in Maui, are quick to warn potential guests that their accommodations are “not for the fussy.” Maybe so, but they’re perfect for environmentalists who want a fresh-air experience that doesn’t involve tented shelter. Located in the South China Sea, the property sits adjacent to a 5,000-acre Buddhist park rife with pagodas, temples, and manicured gardens. The Big Beach in the Sky treehouse sleeps six and is accessible only via suspension bridge; the Hawaiian Hale Hotel Treehouse, meanwhile, is ideal for larger parties: It sleeps up to 20 and is just two minutes from the beach.

 

 

http://living.msn.com/life-inspired/life-unleashed/incredible-treehouse-hotels#4

US mortgage applications fall as refinance hits 5-year low: MBA | North Salem NY Real Estate

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Applications for U.S. home mortgages fell for a second week and hit a 13-year low as mortgage rates rose due to a bond market sell-off following the Federal Reserve’s decision to pare its bond purchase stimulus in January, an industry group said on Tuesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 6.3 percent to the lowest level since December 2000.

Mortgage applications have fallen sharply since this summer on a jump in home finance costs as benchmark Treasuries yields eventually rose to a two-year high.

Last Wednesday, Fed policy-makers opted to make their tapering move, which will begin in January with a $10 billion monthly reduction evenly split between Treasuries and mortgage-backed securities to $75 billion.

 

 

http://www.cnbc.com/id/101295194

Fixed Mortgage Rates Little Changed at Year-End | Chappaqua Homes

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Freddie Mac  today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates little changed as we head into the final days of the year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.48 percent with an average 0.7 point for the week ending December 26, 2013, up from last week when it averaged 4.47 percent. A year ago at this time, the 30-year FRM averaged 3.35 percent.
  • 15-year FRM this week averaged 3.52 percent with an average 0.7 point, up from last week when it averaged 3.51 percent. A year ago at this time, the 15-year FRM averaged 2.65 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.00 percent this week with an average 0.4 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.70 percent.
  • 1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, down from last week when it averaged 2.57 percent. At this time last year, the 1-year ARM averaged 2.56 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were little changed this week following mixed economic reports. Real GDP was revised upwards to 4.1 percent growth in the third quarter of this year. However, existing-home sales dropped 4.3 percent to a seasonally adjusted annual rate of 4,900,000 in November. Also, new home sales fell 2.1 percent to a seasonally adjusted annual rate of 464,000.”

 

 

Show that cold spell who’s boss with robes, blankets, freestanding fireplaces and more warming comforts of home | Cross River Homes

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The days are getting longer (thanks, solstice!), but winter isn’t relinquishing its chill anytime soon. Stave off the cold with a cuddly robe or throw blanket, a warm fire or a tummy-warming treat. Whatever keeps you warm, you’ll find it here on Houzz.

Never compromise. This floating console can be anything you need it to be, from sideboard to media console to extra bedroom storage. All that and a fireplace too? Yes, it aims to please. Made to order.

Buy on Houzz

The rustic charm of a flickering fire is re-created with this clever, hand-crafted resin log sculpture. Set it right in the fireplace for a no-fuss alternative to lighting a fire. Holds 11 tea lights (included).

Buy on Houzz

The Sevilla ethanol contemporary tabletop fireplace creates extraordinary ambience in any setting, with its square steel base and four tempered-glass panes. It’s ideal for a table, bar or countertop, either indoors or out.

Buy on Houzz

Serpa’s modern ethanol fireplace is easily movable, due to its light weight and compact design. The rectangular, powder-coated-steel piece is recessed on top to accommodate decorative rocks, stones, marbles or shells.

Classic European architecture mixes with modern furnishings in a newly open Edwardian home | Mt Kisco Homes

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Architect Stephen Sutro of Sutro Architects grew up in San Francisco just four blocks from this home, alongside one of the owners, who was a childhood friend. Years later, when the friend and her husband hired Sutro for this project, that long relationship made it easy to communicate and share ideas for the transformation of the couple’s Edwardian flat from a dark warren of small rooms to a light-filled family dwelling.
Houzz at a Glance Who lives here: A couple and their 2 children Location: San Francisco Size: 2,900 square feet; 3 bedrooms, 3½ bathrooms Year renovated: 2013
Photography by Aaron Leitz

“We call this project Parisian Modern Flat, because it uses the European idea of classic architecture as the backdrop for modern elements and furniture,” says Sutro. The architect reordered the rooms, making a large, open space up front and relocating the bedrooms in the rear of the house. Now the living room, dining room and kitchen are in one space.
Sofa: Dizani; art: Matt Lipps
The architect staged a delicate design balance. “By using classic molding and a herringbone-patterned floor, we referenced the era in which the house was built,” the architect says. A sofa with multisided seating has decidedly modernist attributes; it allows people to relax and enjoy the contemporary fireplace, the avant-garde photo collage, the more traditional bay window or the modern kitchen. “It is the perfect piece, because it has seating on all four sides,” says the architect. “It knits the room together.”
“The modern interventions create an interesting juxtaposition and a pleasant tension between the old and new,” says Sutro. The design of a fireplace in Tom Ford’s New York City flagship store inspired the architect to create this wood and limestone surround and mantel in the living room.
“The Lindsey Adelman light fixture defines the dining area and adds a formality to it,” says Sutro. Although the architect removed the division between the rooms, he left a suggestion of a wall between the dining room and kitchen to make a slight visual separation. “It’s just enough to suggest two spaces,” he says. “Dim the lights in the kitchen during a dinner party, and it seems to disappear.”
Light fixture: Lindsey Adelman; dining table: Link by Jakob Wagner, B&B Italia; dining chairs: Masters by Philippe Starck, Kartell