Category Archives: Bedford Hills

Ways to Help Millennials Build Their Credit by Tracy Becker | Bedford Hills Real Estate

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Millennials (those aged 18-29) have faced a rough job market and economy as adults, and therefore often have encountered a lot of difficulty building their credit scores. In fact, according to Experian, millennials have an average credit score of 628, the lowest for any age group and 50 points below the national average.  Unfortunately, many of these older millennials are coming to the age point where they want to purchase real estate and/or acquire financing, and have difficulty because of their credit.  As a real estate/financing professional, you can tap into this market, while bringing value and gaining customer loyalty, by sharing these tips and helping millennials with their credit.
Here are some easy ways for millennials to build credit:
● Acquire a credit card
Many millennials are wary of credit cards after seeing others’ debt struggles and unemployment. According to some surveys, over 60% of millennials don’t have a primary credit card.  Opening a primary credit card can be the easiest and quickest way to build credit, and can benefit a huge portion of millennials. Although a first credit card may have a very small balance, even small payments can build a credit history. You can tell millennials to put one low monthly expense on their card.
● Utilize secured credit cards
Even though credit cards are an easy way to build credit, some millennials won’t be able to get approval to open one. Another great option is a secured card, where a cash collateral deposit becomes a credit line for that card. These deposit amounts could be as small as $250-$300. Secured cards are still a great way to build credit if the payments are made on time.
●Keep balances low
When opening credit, millennials have to make sure they charge an amount they can afford every month. High balances can cause higher fees and big credit damage if they aren’t paid off in time. On the other hand, balances can also be used to boost credit scores. The utilization ratio (or balance-to-limit ratio) plays a large part in credit scores. Keeping balances under 10% of credit card limits will result in the highest score possible in this category. This percentage should be used a few months prior to applying for new credit cards or loans to ensure scores are at their best when the lender/creditor is viewing credit applications.
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Tracy Becker, President
155 White Plains Road
Suite 200
Tarrytown, NY 10591
or  (toll free) 866-388-9400
F :(914) 524-5014 ​​

Feb. housing starts plunge 17% | Bedford Hills Real Estate

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Builders broke ground on fewer new homes last month as starts plunged 17% from January, the Commerce Department said Tuesday.

Amid of harsh winter weather, the seasonally adjusted annual rate of new home construction fell to 897,000 from 1.08 million the month before, the government said. February was the first month since August when home building fell below an annual rate of 1 million units or better.

January’s rate was revised to 1.08 million from the previously reported figure of 1.06 million, the government said Tuesday.

Economists had expected a small decline in starts for February to an annual rate of 1.045 million units, according to Action Economics’ survey.

Snowstorms in parts of the country were presumed to have slowed construction. Commerce reported starts in the Northeast fell 56.5% and they were down 37% in the Midwest. The South was down 2.5% while starts in the Midwest slumped 9%.

Tuesday’s report shows single-family homes were started at an annual rate of 593,000, down 14.9% from January.

Permits, a gauge of future building activity, rose 3% to a rate of 1.09 million.

Just over 1 million housing units were started last year, the most since the recession. The National Association of Home Builders predicts builders will begin slightly more units this year and that new home starts will pick up this year as the weather and the economy continue to improve.

Home builders’ optimism is flagging slightly as the peak spring home buying season is nearing. The National Association of Home Builders/Wells Fargo home builders index for March dropped two points to 53, the NAHB said Monday. It was the third straight monthly decline. The index is seasonally adjusted.

 

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http://www.usatoday.com/story/money/2015/03/17/feb-housing-starts/24890299/

Mortgage Rates Up | Bedford Hills Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher amid a strong jobs report and bringing mortgage rates back to where they were at the start of 2015. The 30-year fixed-rate mortgage has averaged below 4 percent since the week ending November 13, 2014.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.86 percent with an average 0.6 point for the week ending March 12, 2015, up from last week when it averaged 3.75 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent.
  • 15-year FRM this week averaged 3.10 percent with an average 0.6 point, up from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.09 percent.
  • 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.48 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 theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

“The average 30-year fixed-rate mortgage rose to 3.86 percent for this week following a strong labor market report, essentially bring rates back to where they were at the start of the year. The U.S. economy created 295,000 jobs in February while the unemployment rate dipped to 5.5 percent from 5.7 percent in January, both outperforming market expectations.

Pending Sales Resume Upward Trend | Bedford Hills Real Estate

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The Pending Home Sales increased 1.7% in January, and was up 8.4% from the same period a year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by theNational Association of Realtors (NAR), increased to 104.2 in January, up from an upwardly revised  102.5 in December. The PHSI increased year-over-year for the fifth consecutive month.

Pending Home Sales Janury 2015

The January PHSI increased 3.2% in the South, 2.2% in the West and 0.1% in the Northeast, but decreased 0.7% in the Midwest. Year-over-year, the PHSI increased in all four regions, ranging from 11.4% in the West to 4.2% in the Midwest.

This resumption of an upward trend in the PHSI suggests that, despite a dip in January, existing home saleswill improve over the next couple of months. Improved job growth will sustain the housing recovery and move it to a higher level during 2015.

 

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http://eyeonhousing.org/2015/02/pending-sales-resume-upward-trend-2/

New U.S. home sales flat at 481,000 annual pace in January | Bedford Hills Real Estate

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New U.S. homes sold at an annual rate of 481,000 in January, little changed from December’s revised figure, the government said Wednesday. Economists polled by MarketWatch had forecast sales to fall to a seasonally adjusted 467,000 from a revised 482,000 in the final month of 2014.

 

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http://www.marketwatch.com/story/new-us-home-sales-flat-at-481000-annual-pace-in-january-2015-02-25

Firefighters Battle Two Bedford Home Blazes Within A Day | Bedford Hills Real Estate

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Bedford Hills fire

Bedford Hills fire

Firefighters in and near Bedford were busy on Tuesday battling two house fires in town, both of which were in the Bedford Hills Fire District.

Bedford Hills Fire Chief Joseph Lombardo said that his department responded shortly before midnight Tuesday for a chimney fire, which was at a home at 98 Buxton Road. A firefighter, who arrived in just minutes, observed heavy fire on the roof, Lombardo said, and the fire extended to the attic and roof line.

It took about an hour and a half to get the fire under control, Lombardo recalled. One firefighter was injured due to having fallen on ice, according to the chief.

The fire was caused by a malfunctioning chimney, Lombardo explained. Mutual aid was provided, according to the chief, by fire departments from Katonah, Mount Kisco, Goldens Bridge and Banksville. The Katonah Bedford Hills Volunteer Ambulance Corps (KBHVAC) and Westchester EMS were also on scene, he noted.

The blaze caused the home’s roof to collapse. The home is located at Buxton Gorge Farm, which traces its history to circa 1760. The farm is a short drive away from downtown Bedford Hills.

 

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http://bedford.dailyvoice.com/police-fire/firefighters-battle-two-bedford-home-blazes-within-day

New Loan Options Spell Opportunity for Home Buyers | Bedford Hills Real Estate

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As the country moves into year five of the re-regulated mortgage era, loan guidelines continue to become more flexible. If you’re buyingor refinancing a home, the following recent developments in expended loan options could affect you. In all cases, each lender’s guidelines will vary, so consult your loan officer to see if any of these fit your profile.

97-percent conforming loans for first-time buyers

In December, Fannie Mae and Freddie Mac rolled out 3-percent down programs targeted at first-time buyers. The loans require mortgage insurance and are capped at $417,000. But with a 3-percent down payment, that translates into a purchase price as high as $429,897.

Both Fannie and Freddie guides say the loans can be obtained with a credit score as low as 620, but each lender can layer its own guidelines on top of Fannie/Freddie guides, so you’ll need to ask your lender for its credit and other requirements.

90-percent jumbo loan with no mortgage insurance

For higher-earning home buyers who need to borrow more than the $417,000 conforming loan cap, an increasing number of jumbo lenders are adding the ability to lend 90 percent of a home’s value with loan amounts up to $1 million — and as high as $1.25 million for exceptional borrowers.

This translates into purchase price ranges of $1,111,111 to $1,388,888 with just 10 percent down and no mortgage insurance, which is a huge cost savings on larger loans. Borrowers typically must have a debt-to-income ratio of 35 percent or less, credit scores of 720 or greater, and at least 12 months cash reserves after the close. These programs are now available with most jumbo lenders.

Re-amortizing jumbo loans

Some large banks who keep their jumbo loans — instead of selling the loans after they close — have begun offering a re-amortization feature on jumbo loans over $417,000. Re-amortization means that your payment will decrease as you pay your loan down.

Depending on the lender, a loan balance pay-down from $5,000 to $20,000 will trigger a payment recalculation. This feature enables higher earners to lower their monthly budget as they chip away at their loan balance using extra income like bonuses or stock compensation. Previously, the only way to lower your payment as you paid your loan down was to use an interest-only loan, but those loans carry higher rates.

 

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http://www.zillow.com/blog/new-loan-options-spell-opportunity-169602/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29