Wishing you a Happy Holiday
and a Joyful New Year!
John Sauro, President
North Atlantic Mortgage Corp.
Category Archives: First Time Homebuyers
Making a first time home purchase in NY? Here you will find helpful information for New York State first time home buyers, including what to expect during the homebuying process, NY first time homebuyer mortgage programs, tips for buying your first home in NY and more.
20 YEAR HIGH – Homebuilder Confidence
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John Sauro, President
Homebuilder confidence jumps to highest level in 20 years
KEY POINTS
- Builder confidence in the newly built, single-family home market jumped 5 points in December to 76, the highest reading since June 1999.
- Current sales conditions rose 7 points to 84, sales expectations in the next six months rose 1 point to 79 and buyer traffic increased 4 points to 58.
- Regionally, on a three-month moving average, builder sentiment in the Northeast fell 2 points to 61, increased 5 points in the Midwest to 63, moved 1 point higher in the South to 76 and increased 3 points in the West to 84.
A stronger economy and a severe housing shortage have the nation’s homebuilders feeling better than they have in two decades.
Builder confidence in the newly built, single-family home market jumped 5 points in December to 76, the highest reading since June 1999, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Anything above 50 is considered positive.
November’s reading was also revised higher by 1 point. The index stood at 56 last December. At the worst of the housing crash, in 2009, builder sentiment hit a low of just 8.
“Builders are continuing to see the housing rebound that began in the spring, supported by a low supply of existing homes, low mortgage rates and a strong labor market,” said NAHB Chairman Greg Ugalde, a homebuilder and developer from Torrington, Conn.
Builders’ confidence is clearly based on what they’re seeing in their showrooms. Of the index’s three components, current sales conditions rose 7 points to 84, sales expectations in the next six months rose 1 point to 79 and buyer traffic increased 4 points to 58.
All, however, is not perfect in the homebuilding market. Builders could likely be doing even better if they didn’t face so many headwinds.
“While we are seeing near-term positive market conditions with a 50-year low for the unemployment rate and increased wage growth, we are still underbuilding due to supply-side constraints like labor and land availability,” said NAHB chief economist Robert Dietz. “Higher development costs are hurting affordability and dampening more robust construction growth.”
Regionally, on a three-month moving average, builder sentiment in the Northeast fell 2 points to 61, increased 5 points in the Midwest to 63, gained a point in the South to 76 and increased 3 points in the West to 84.
Source: CNBC
No Fees are a good thing….
As a homeowner it’s always a good idea to assess options that may provide you with greater savings.
FOR A LIMITED TIME!
No Application Fee
No Bank Fees
Fixed rates as low as
3.625% APR 3.650%
Please accept my invitation for a free consultation.
In 10 minutes, we can determine if you may benefit from making changes to your mortgage. I’m here to help with information, resources, support and more than 25 years of experience to meet your unique home loan needs.
Sincerely,
John Sauro, President
North Atlantic Mortgage Corp
Phone: 877-794 5363 (LEND)
Direct Line: 914-764-3261
johnsauro@gmail.com
www.northatlanticmortgage.com
Note: There is no application fee. ”No Bank Fees” means no Bank Underwriting fee, Tax service fee or flood insurance certificate. Appraisal, bank attorney and title fees are not included in this offer and are the borrower’s responsibility. The rates and annual percentage rate (APR) displayed are based upon the following assumptions: a 20% down payment (e.g. $75,000 down on a $375,000 purchase price), a $300,000 15 year conforming loan amount, $395.00 in finance charges, 30 days prepaid interest, no points, 30 day rate lock, priced on 6/11/19. The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing.
North Atlantic Mortgage Corp. 178 Trinity Pass Rd. Pound Ridge NY 10576 NMLS #1375, NYS Department of Financial Services A004210 Registered Mortgage Broker Loans Arranged Through Third Party Providers.
WOW! 3.75%/3.804% APR Fixed Rate
Don’t Miss Out
Call Now for details. 877-794 5363
Why are our Rates So LOW?
Interest Rates move up and down throughout the day. Most companies are unable to change rates intraday. We monitor and have access to those rates all day. That means you have access to those rates when they fall.
With rates still historically low, poised to move higher, many home buyers are moving quickly to finance their piece of the American Dream.
At North Atlantic you receive attentive personalized service
(see what our clients say).
The average time to close a loan is about 30 days.
Don’t put it off any longer and start saving with a lower mortgage payment.
There’s no salesman to speak with only qualified mortgage experts.
For a Free Consultation:
Call or Email:
John Sauro
Ph: 877-794-5363
Email: JohnSauro@Gmail.com
The rate of 3.875% is for a 15 year fixed rate conforming loan amount of $484,350, with an APR of 3.804% and requires a Fico score of 740, a loan to value of 80% and is for a primary residence with a monthly payment of $2,243.11 and a discount fee of $1586.00.
Lower Mortgage Payments by 23% with Exceptional Loan Requiring No Traditional Income Verification
A little known home loan is now available through mortgage specialists to homeowners and buyers with payments about 23% lower than conventional mortgages. Coupling this dramatic cut with paying off high interest rate credit card debt or equity loans is called “Equity Repositioning” and is saving homeowners thousands of dollars.
There are numerous stories of self-employed individuals consolidating 18%-21% credit card debt they have had to use for business reasons and need to re-stabilize their financial picture. Many wonder why they haven’t been informed about this unique loan. One reason is this loan isn’t as profitable to lenders as other loans, so they’re not easy to find.
Here’s what one person had to say: “I was looking for a creative type of financing package not available at most other banks or mortgage companies. North Atlantic financed my home by using a very unique type of loan that caters to Entrepreneurs like myself. Now, I’m not an easy person to please and I’ve dealt with other banks and mortgage companies in the past and none of them can compare to North Atlantics expert consultation, competence and professional service.
My compliments and appreciation to the staff of North Atlantic Mortgage.”
William M.
You could actually benefit right now by refinancing, credit cards, high end equity lines and most importantly get a great loan with no traditional income verification. If you are a self-employed business owner, doctor, real estate investor or a high income individual, there are many other savvy “secrets” and various loan options that you probably aren’t aware exist.
Simply call 1-877-794-5363 to speak with a consultant. You’ll be pleasantly surprised with the information you receive.
Is The Recent Dip In Interest Rates Here To Stay?
Interest rates for a 30-year fixed rate mortgage climbed consistently throughout 2018 until the middle of November. After that point, rates returned to levels that we saw in August to close out the year at 4.55%, according to Freddie Mac’s Primary Mortgage Market Survey.
After the first week of 2019, rates have continued their downward trend. As Freddie Mac’s Chief EconomistSam Khater notes, this is great news for homebuyers. He states,
“Mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent. Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy.”
In some areas of the country, the combination of rising interest rates and rising home prices had made some first-time buyers push pause on their home searches. But with more inventory coming to market, continued price growth, and interest rates slowing, this is a great time to get back in the market!
Will This Trend Continue?
According to the latest forecasts from Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors, mortgage rates will increase over the course of 2019, but not at the same pace they did in 2018. You can see the forecasts broken down by quarter below.
Bottom Line
Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home in 2019 is on your short list of goals to achieve, meet with a local real estate professional who can help prepare you to take action.
source: keeping current matters
Buying A Vacation Property? Now Is A Good Time!
Every year around this time, many homeowners begin the process of preparing their homes in case of extreme winter weather. Some others skip winter all together by escaping to their vacation homes in a warmer climate.
For those homeowners staying at their first residence, AccuWeather warns:
“The late-week cold shot should fade next week, but this is a warning shot for winter’s return late in the month and early February.”
Given this, it’s time to go and stock up on winter weather supplies! However, if you’re tired of shoveling snow and dealing with the cold weather, maybe it’s time to consider obtaining a vacation home!
According to the Investment & Vacation Home Buyers 2018 Report by NAR:
“72% of vacation property owners and 71% of investment property owners believe now is a good time to buy.”
It’s time to take advantage of the equity in your home. As the latest Equity Report from ATTOM Data Solutions stated:
“Nearly 14.5 million U.S. properties (are) equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value — up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013.
The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage.”
This means that over a quarter of Americans who have a mortgage would be able to use some of their home equity to make a significant down payment toward a vacation home, and many are doing just that! According to the same report by NAR:
“33% of vacation buyers purchased in a beach area, 21% purchased on a lakefront, and 15% purchased a vacation home in the country.”
Many homeowners who are close to retirement will use some of their equity to purchase vacation homes, which may eventually become their permanent homes post-retirement!
Bottom Line
If you are a homeowner looking to take advantage of your home equity by investing in a vacation home, contact an agent in your area to discuss your options!
Refinancing or Buying-
Home Financing doesn’t have to be Stressful.
We monitor real time interest rates, so our clients are able to access some of the lowest rates available.
With rates still historically low, poised to move higher, many would be home buyers are moving quickly to finance their piece of the American Dream.
Existing home owners have refinanced at least once, even twice. But there are still many who have not, due to either not wanting to deal with the stress of gathering documents and not sure of qualifying for a loan.
At North Atlantic you receive attentive personalized service
(see what our clients say).
Believe me it’s a great deal easier with our help and expertise. The average time to close a loan is about 30 days. We understand the guidelines and know what different lenders can do, which increases your opportunities for a fast easy loan with a great rate.
Don’t put it off any longer and start saving with a lower mortgage payment.
There’s no salesman to speak with only qualified mortgage experts.
For a Free Consultation:
Call or Email:
John Sauro
Ph: 877-794-5363
Email: JohnSauro@Gmail.com
Source: Keeping Current Maters
Want To Get The Most Money From The Sale Of Your Home? Use These 2 Tips!
Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?
Here are two keys to ensure that you get the highest price possible.
1. Price it a LITTLE LOW
This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.
HGTV gives this advice:
“First impressions are everything when selling your home. Studies have shown that the first two weeks on the market are the most crucial to your success. During these initial days, your home will be exposed to all active buyers.
If your price is perceived as too high, you will quickly lose this initial audience and find yourself relying only on the trickle of new buyers entering the market each day. Markets are dynamic, and your price has an expiration date. You have one chance to grab attention. Make sure your pricing helps you stand out on the shelf — in a positive way.”
2. Use a Real Estate Professional
This, too, may seem counterintuitive. The seller may believe that he or she will make more money without having to pay a real estate commission, but studies have shown that homes typically sell for more money when handled by a real estate professional.
Research by the National Association of Realtors in their 2018 Profile of Home Buyers and Sellers revealed that,
“the median selling price for all FSBO homes was $200,000 last year. However, homes that were sold with the assistance of an agent had a median selling price of $264,900 – nearly $65,000 more for the typical home sale.”
Bottom Line
Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the money you get for your house.
Source: KCM
Buying a Home?- Here’s What to Watch
As we kick off the new year, many families have made resolutions to enter the housing market in 2019. Whether you are thinking of finally ditching your landlord and buying your first home or selling your starter house to move into your forever home, there are two pieces of the real estate puzzle you need to watch carefully: interest rates & inventory.
Interest Rates
Mortgage interest rates had been on the rise for much of 2018, but they made a welcome reversal at the end of the year. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates climbed to 4.94% in November before falling to 4.62% for a 30-year fixed rate mortgage last week. Despite the recent drop, interest rates are projected to reach 5% in 2019.
The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.
Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget.
The chart below shows the impact that rising interest rates would have if you planned to purchase a $400,000 home while keeping your principal and interest payments between $2,020-$2,050 a month.
With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000).
Inventory
A ‘normal’ real estate market requires there to be a 6-month supply of homes for sale in order for prices to increase only with inflation. According to the National Association of Realtors (NAR), listing inventory is currently at a 3.9-month supply (still well below the 6-months needed), which has put upward pressure on home prices. Home prices have increased year-over-year for the last 81 straight months.
The inventory of homes for sale in the real estate market had been on a steady decline and experienced year-over-year drops for 36 straight months (from July 2015 to May 2018), but we are starting to see a shift in inventory over the last six months.
The chart below shows the change in housing supply over the last 12 months compared to the previous 12 months. As you can see, since June, inventory levels have started to increase as compared to the same time last year.
This is a trend to watch as we move further into the new year. If we continue to see an increase in homes for sale, we could start moving further away from a seller’s market and closer to a normal market.
Bottom Line
If you are planning to enter the housing market, either as a buyer or a seller, make sure that you have an experienced local Mortgage Professional who can help you navigate the changes in mortgage interest rates and inventory.
Refinancing or Buying-
Home Financing doesn’t have to be Stressful.
We monitor real time interest rates, so our clients are able to access some of the lowest rates available.
With rates still historically low, poised to move higher, many would be home buyers are moving quickly to finance their piece of the American Dream.
Existing home owners have refinanced at least once, even twice. But there are still many who have not, due to either not wanting to deal with the stress of gathering documents and not sure of qualifying for a loan.
At North Atlantic you receive attentive personalized service
(see what our clients say).
Believe me it’s a great deal easier with our help and expertise. The average time to close a loan is about 30 days. We understand the guidelines and know what different lenders can do, which increases your opportunities for a fast easy loan with a great rate.
Don’t put it off any longer and start saving with a lower mortgage payment.
There’s no salesman to speak with only qualified mortgage experts.
For a Free Consultation:
Call or Email:
John Sauro
Ph: 877-794-5363
Email: JohnSauro@Gmail.com
Source. Keeping Current Matters