Daily Archives: June 5, 2014

How borrowers can still get a mortgage below 3 percent | Chappaqua Real Estate

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With the average mortgage interest rates well north of 4 percent and predicted to move toward 5 percent by the end of the year, it may surprise you to know that there are still ways to get a rate below 3 percent.

Yes, we said below 3 percent. And yes, on a house.

“It’s definitely possible to get a rate below 3 percent. It’s just going to be a unique product, and not for everyone,” says Nate Kuchera, a senior loan officer with Bank of Manhattan of Newport Beach, California.

But if it is for you, it will save you a lot of money, he says. Here are ways people are still locking in sub-3 percent rates.

Get a 10-Year Mortgage

If you’re looking for the lowest rate you can get on a fixed-rate mortgage, a 10-year term is your best bet, says Kuchera. He says it’s a rare product, but some people do choose it. And right now, he says you can likely find 10-year, fixed-rate mortgages at below 3 percent.

“This is good for people who are on the brink of retiring,” he says. “They’re on the tail end of their careers and want to pay off their mortgage quickly but don’t want to do it in one big lump sum. So they refinance to a 10-year.”

In addition to paying off their home for retirement, he says they also have the opportunity to save a lot of money in interest. That, of course, depends on their original mortgage, he says.

Still, to illustrate how much paying off a mortgage in a shorter time could save you, consider that the lifetime interest on a 30-year, fixed-rate,$300,000 mortgage with a rate of 4.41 percent is $241,460. The lifetime interest on a 10-year, fixed-rate $300,000 mortgage with a rate of 3 percent is $47,619. That’s a $193,841 difference.

There is one thing to keep in mind, however, says Kuchera. With a shorter term mortgage, your monthly payments will be higher.

“Yes, your rate may be better but you know how life is, things come up,” says Kuchera. “So make sure you’re comfortable with the higher payment. If you are, you’ll save a lot of money.”

 

 

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https://homes.yahoo.com/news/how-to-get-a-rate-below-3-percent-182724351.html

Teatown Lake Reservation News | North Salem Real Estate

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FREE
MEMBERS ONLY!
Movie Night
on the lawn behindTeatown’s Nature Center
featuring
“A Birder’s Guide to Everything”
rated PG-13
The movie, partially filmed at Teatown, uses birding as the starting point for a tender and gentle coming-of-age story.
Weather for Friday is looking good!
Bring the kids and join us
Friday, June 6th *
7:15 pm – Bring your own seating and picnic dinner
8:15 pm – Movie begins
*Raindate : Saturday June 7th
same time as above
Rain on raindate – movie is cancelled
Not a member and would like to attend the movie?
For more information
call Jean at
914-762-2912 x 124
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Teatown Lake Reservation
1600 Spring Valley Road
Ossining, NY 10562

Kensico Burger And Beer Festival To Feature 30 Local Restaurants | Armonk Real Estate

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Let out your inner child, foodie, shopaholic and nature lover out at these exciting upcoming events in Westchester County.

1. Westchester’s Burger and Beer Blast at Kensico Dam Plaza in Valhalla on Friday, June 6 from 6 p.m. to 10 p.m.

Described as “the ultimate block party,” this part of Westchester Magazine’s Food and Wine week may be the tastiest. Thirty lauded burger restaurants from across the county will strut their stuff, serving signature dishes along with beer pairings. When you’re done noshing, vote on the best burger and catch a live performance by Mary C and the Stellars. $65. 21 and older. Rain or shine.

2. Pelham’s Annual Street Fair on Saturday, June 7 from 10 a.m. to 5 p.m.

Hosted by the Chamber of Commerce, the free fair has attracted thousands of people from around the area in previous years. The event sports several fun activities for children and adults alike to benefit a variety of local businesses and philanthropies. Free. Rain or shine. Fifth Avenue between First and Lincoln Avenues.

3. Family Bird Walk in Mamaroneck’s Harbor Island Park on Saturday, June 7 at 10:15 a.m.

Led by Phil Horner, longtime resident and member of the Mamaroneck village committee for the environment, enjoy a walk through scenic harbor island park and learn about some of your local feathered friends. Free, but make sure to bring your own binoculars. Meet at the Marine Education Center.

4. Yonkers’ LEGOLAND Discovery Center Westchester Brick Factor on Saturday and Sunday, June 7-8, at 10 a.m.

“Brick Factor” is a two day search in which contestants will compete in creative LEGO building challenges for a chance to win their dream job as a Master Model Builder. 39 Fitzgerald Street.

 

 

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http://bedford.dailyvoice.com/events/kensico-burger-and-beer-festival-feature-30-local-restaurants

3 make-or-break things single-family housing investors get wrong | Mt Kisco Real Estate

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More than four in 10 residential property sales in the first quarter this year were all-cash sales, the highest level since 2011, and increasingly these are smaller, mom-and-pop real estate investors rather than big companies.

The problem – some of these newer rental home investors may not know about common pitfalls that institutional investors already know about.

According to RealtyTrac, institutional investors — entities that have purchased at least 10 properties in a calendar year — accounted for just 5.6% of all U.S. residential sales in the first quarter, down from 6.8% in the fourth quarter of 2013 and down from 7% in the first quarter of 2013 to the lowest level since the first quarter of 2012.

But cash buyers still represented nearly four in 10 home sales this year.

“Strict lending standards combined with low inventory continue to give the advantage to investors and other cash buyers in this housing market,” said Daren Blomquist, vice president at RealtyTrac, referring to the company’s April report. “The good news is that as institutional investors pull back their purchasing in many markets across the country, there is still strong demand from other cash buyers — including individual investors, second-home buyers and even owner-occupant buyers — to fill the vacuum of demand left by institutional investors.”

In a note to clients, the latest Bryan Ellis Investing Letter warns smaller housing investors about three common mistakes and misconceptions that newer and smaller operators often face.

1) You Can Only Buy through Realtors and Brokers

“This is simply untrue. The best deals in your local market will never make it onto MLS, but you can connect with motivated sellers ready to sell right now and dirt cheap by using a few simple, savvy strategies that will enable you to buy quickly and at rock-bottom prices that will set you up in ideal investing scenarios.”

 

 

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http://www.housingwire.com/articles/30206-make-or-break-things-single-family-housing-investors-get-wrong

 

Two charts show where Americans stand on housing | Waccbuc Homes

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More than two in five adults believe that the housing market continues to be a serious problem, according to a recent survey from the MacArthur Foundation on people’s attitude toward the housing crisis.

chart 1

(source: MacArthur Foundation: click image for larger view)

The survey polled a sample of 1,355 people in April 2014.

“While economists and housing experts say that the housing crisis is behind us, large proportions of the American people are not feeling the relief. Very high proportions of the public continue to believe that we are still in the midst of the housing crisis or that the worst is yet to come,” the report stated.

And this is not the only negative news for the market.

Two-thirds of the public believes that it is less likely today than it was 20 or 30 years ago for a family to build equity and wealth through homeownership.

But it is not all bad. Some indicators suggest that the American public’s views about the housing crisis are shifting slightly toward the positive.

“We see an uptick in the proportion of the public who believe that the housing crisis is behind us and a decrease in the proportion who characterize the housing market as a serious problem,” the report said.

“However, even with these shifts, concerns about housing continue to outweigh optimism, and the public has a real sense that affordable housing is a challenge for many Americans,” it added.

 

 

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Two charts show where Americans stand on housing

Fixed Mortgage Rates Largely Flat | South Salem Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely flat compared to the previous week amid light economic reports.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.5 point for the week ending June 5, 2014, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 3.91 percent.
  • 15-year FRM this week averaged 3.23 percent with an average 0.5 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.03 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week with an average 0.4 point, down from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.74 percent.
  • 1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, down from last week when it averaged 2.41 percent. At this time last year, the 1-year ARM averaged 2.58 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 amid a week of light economic reports. Of the few releases, real GDP was revised down to -1.0 percent growth in the first quarter of 2014. ADP Research Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April. Meanwhile, the Institute for Supply Management reported the manufacturing industry saw a slight acceleration in monthly growth for May.”