Tag Archives: Katonah NY

Katonah NY

Refinance share of mortgages reaches four-month high | Katonah Real Estate


Mortgage applications increased 2.4% from one week earlier, after a series of drops and a few peaks over the last few weeks, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 18, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 2.4% on a seasonally adjusted basis from one week earlier.

The Refinance Index increased 4% from the previous week. The seasonally adjusted Purchase Index increased 0.3% from one week earlier.

“Consumers took action on the lowest mortgage rates we’ve seen since the beginning of 2013,” said Quicken Loans vice president Bill Banfield. “The jump in application volume is a welcome change after a few sluggish weeks of mortgage activity.”



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Homebuilder confidence up in June, remains low | Katonah Real Estate


U.S. homebuilders are feeling more confident about the housing market but don’t think it is healthy yet.

The National Association of Home Builders/Wells Fargo builder sentiment index rose to 49 in June, highest since January and up from 45 in May. Readings below 50 indicate that builders view sales conditions are poor rather than good. The index has been stuck below 50 since January. The low numbers earlier this year reflected a bitter winter that chilled economic activity across much of the U.S.

New home sales are running about half the rate of a healthy housing market.

Still, builders are the most confident they’ve been since January about new single-family home sales over the next six months. They report seeing more potential buyers shopping for homes, though traffic remains modest.


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11 reasons the real estate market could crash again | Katonah Homes


Crash? Don’t be alarmed. Don’t sell your business, but realize that the economic structure and outside occurrences can shape a real estate market.

I am a normally upbeat guy, but I do like realism. We have to step away from being happy all the time to an honest view for our clients — both sellers and buyers.

Tightrope image via Shutterstock.
Tightrope image via Shutterstock.

Here are the top reasons that the real estate market could fail soon, in no particular order:

11. Rates are dropping. What? Aren’t rates dropping a good thing? Actually, no. The market is telling us based on macroeconomic reports that the economy is not cooking and jobs are not being created to make people buy homes. The only good news that will come from this is that those who forgot to refi, especially the HARP2 eligible, will be able to get better rates. Speaking of HARP, it’s being reported that FHFA Director Mel Watt may waive the eligibility date!

10. Robots. CNBC did a report called “Robots Rising” highlighting the fact that robots will continue to take over human jobs. Simple. No job, no house to buy. Also, 3-D printers are all the rage. Instead of ordering a part for your car that has to be manufactured by someone, you or your mechanic will just hit “print” and voila, you have your part!

9. 43*. No, it’s not about a home run record. It’s the magic arbitrary number that the people at the Consumer Finance Protection Bureau (CFPB) felt would be the maximum debt-to-income ratio for mortgages under the Dodd-Frank “qualified mortgage” rule. So let’s see. There are no more “no docs,” no more option ARMs, practically no more interest-only rules, but they felt that 43 percent of your income should be the maximum for your mortgage payment plus other qualified debt.



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Saving for a House: It’s More Than a Down Payment | Katonah Real Estate


It’s easy to get caught up in credit scores when considering a home purchase. But as lenders continue to loosen requirements, the need to have money in the bank doesn’t get any less acute.

Getting prescriptive about how much you need in savings to satisfy a mortgage lender is tough business. The answer can depend on a host of factors, from the type of mortgage and size of the loan to the property itself and more.

You’ll most likely need a solid chunk of change upfront to cover a down payment and closing costs. Lenders might also want to see a stockpile of “reserves,” which often translates to a certain number of months’ worth of mortgage payments.

The bottom line is that it’s tough to talk specifics about your bottom line. That’s why it’s important to get a solid understanding of your mortgage options and seek clear guidance from lenders.

Credit scores are critical, but so are income and assets when you’re applying for a home loan. Here are some of the important savings you’ll need to accumulate first.

Down Payment Needs

Down payments are inescapable for the vast majority of non-cash homebuyers. Outside of state or local programs, only government-backed VA and USDA rural development home loans allow qualified borrowers to purchase with no money down.

Conventional and FHA loans typically require minimum down payments of 5% and 3.5%, respectively. On a $200,000 mortgage, that’s $10,000 for conventional and $7,000 down for FHA. But buyers often put even more skin in the game.

Conventional borrowers last month had an average loan-to-value ratio of 80%, according to mortgage software firm Ellie Mae. For FHA loans, it was 95%. That means buyers are putting down an average of 20% for conventional loans and 5% for FHA loans.

Existing homeowners often have an advantage because they’re able to put the proceeds of a home sale toward a new purchase. It can take first-time buyers years to scrape together enough money for a down payment.

That’s partly why home sales among first-time buyers hit their lowest point last month since the National Association of Realtors began tracking the figure in October 2008.



Katonah Hardware Reports $50,000 Stolen; Employee Suspected | Katonah NY Homes


A Katonah hardware store reported to police that an employee stole about $50,000 in cash during a four-month period, Bedford police said.

The employee is unknown and police are investigating the matter.

Katonah Hardware, on Katonah Avenue, reported the thefts on Feb. 20. They told police the thefts happened between October 2013 and February 2014.

Because the investigation is ongoing, few details are available



Before you buy, try that mortgage on for size | Katonah Real Estate


If you’re a future homebuyer, you might have used one of those “How much mortgage can I afford?” calculators online. These calculators typically gather information like your down payment amount, credit score range, monthly or annual income and debts.


Then, they’ll spit out an estimate of what a bank might lend you mortgage-wise.

These calculators work primarily by figuring out your debt-to-income ratio and then how much you can afford to pay for your monthly mortgage payment. This is similar to how banks decide how much to lend you.

The typical bank limit on monthly mortgage payments is about 28 percent of your gross monthly income. Therefore, the bank thinks you can devote up to 28 percent of your household income to your mortgage payment and expenses (including taxes, insurance and association dues).

Banks will also typically allow a total debt-to-income ratio of up to around 36 percent. This means that your mortgage, credit card payments, student loan payments and car payments shouldn’t exceed 36 percent of your total monthly income. (Note that if your other debt payments are already at 15 percent of your monthly income, you only have 21 percent of your income to devote to your mortgage, regardless of the 28 percent rule.)

So when you put your current income and expenses into a house affordability calculator, it will tell you how much you can afford to pay for your home per month. Then, based on factors such as estimated interest rate, tax payments, insurance payments and available down payment, it’ll tell you how much house, in total, you can afford.



Average US rate on 30-year loan at 4.32 pct. | Katonah NY Real Estate


Average U.S. rates for fixed mortgages slipped this week as new data showed a decline in home prices in November and a drop in new homes sales last month.

Mortgage buyer Freddie Mac said Thursday the average for the 30-year loan fell to 4.32 percent from 4.39 percent last week. The average for the 15-year loan eased to 3.40 percent from 3.44 percent.

Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago. The increase was driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases. Deeming the economy to be gaining in strength, the Fed pushed ahead Wednesday with a plan to reduce the bond purchases, which have kept long-term interest rates low.

Data issued this week suggested a pause in the housing market’s recovery. Home prices fell slightly in November as colder weather slowed buying, ending nine straight months of price gains, the Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday showed.




Water Main Break Shuts Edgemont Road In Katonah | Katonah Real Estate


A water main break in the downtown Katonah area Tuesday morning has caused Edgemont Road to be shut between Bedford Road and Katonah Avenue, Bedford Police said.

Police did not know how long the road would remain closed, saying it would be shut for “an extended period of time.”

The closure will affect passenger pick up at the Katonah Train Station. Passengers can be picked up in Commuter Lot 1 on Jay Street.





Existence of year-round Martha’s Vineyard rentals confirmed | Katonah Real Estate


Search HomeAway.com for vacation homes and cottages on Martha’s Vineyard and you’ll have to sift through more than 2,000 properties.

Ask a broker if he knows of a place where you can stay year-round, and you’ll probably hear what Martha’s Vineyard Patch.com editor Louisa Hufstader heard from her Realtor mom: Keep looking, and ask around.

Who wants to rent year-round on Martha’s Vineyard? Well, all the hard-working people who take care of the tourists but can’t afford to own, for one. Hufstader ultimately found an apartment through a Facebook group, but rounds up a bunch of other resources for year-round renters, ranging from regional housing authorities to local newspapers and, of course, Patch.com’s real estate section. Source: patch.com.



– See more at: http://www.inman.com/wire/existence-of-year-round-marthas-vineyard-rentals-confirmed/?utm_source=20140127&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.EnYYXrjb.dpuf