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.

Buying a Home?- Here’s What to Watch

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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.

NY Refi, Real Estate, Credit score, mortgage

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.

Real Estate, home buyers, credit scores, cash out refinance, mortgage, home loan, new york

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

Westchester NY Mortgage Broker

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Westchester Mortgage Corp. offers lending options in the towns of: Amawalk, Ardsley, Ardsley On Hudson, Armonk, Baldwin Place, Bedford, Bedford Hills, Briarcliff Manor, Bronxville, Buchanan, Chappaqua, Cortlandt Manor, Crompond, Cross River, Croton Falls, Croton On Hudson, Dobbs Ferry, Eastchester, Elmsford, Goldens Bridge, Granite Springs, Harrison, Hartsdale, Hastings On Hudson, Hawthorne, Irvington, Jefferson Valley, Katonah, Larchmont, Lincolndale, Mamaroneck, Maryknoll, Millwood, Mohegan Lake, Montrose, Mount Kisco, Mount Vernon, New Rochelle, North Salem, Ossining, Peekskill, Pelham, Pleasantville, Port Chester, Pound Ridge, Purchase, Purdys, Rye, Scarsdale, Shenorock, Shrub Oak, Somers, South Salem, Tarrytown, Thornwood, Tuckahoe, Valhalla, Verplanck, Waccabuc, West Harrison, White Plains, Yonkers, Yorktown Heights

MORTGAGE TIP OF THE DAY

Zillow said your home was worth what?

Always seek out a professional home appraisal and be careful about falling in love with home value estimates you see online because many are far above market value... CONT READING

Westchester County Mortgage Broker

Our Westchester County Mortgage Broker will guide you every step of the way.  Helping Westchester County Residents with their home mortgage rate shopping. Weather you are a first time home buyer in Chappaqua, a homeowner in New Rochelle or looking for a lower rate to refinance your mortgage in Portchester NY. If you have a primary residence or second home and are in the market to purchase or refinance in the Westchester County NY, North Atlantic Mortgage Corp is here to be your lending partner.

We offer expert advice, fast approvals and on time-closings.

We monitor interest rates from various lenders and place you with the lowest rate offered.  We watch the market to stay informed of Westchester County trends and mortgage lender offers on Conventional and Home Improvement loans, including fixed, adjustable rate (ARMs) and Home Equity Lines of Credit. At North Atlantic Mortgage Corp our main focus is to figure out what suits your specific financing needs.

Get started today! Call 1-877-794-LEND (5363)

 

QUICK QUOTE

No Obligation. Free Expert Advice.


    Interst Only Mortgages Are Back

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    NY Mortgage, Interest Only Loans

    Get The Interest Only Express Program

    30 Year Fixed, 5/1, 7/1, 10/1 Arm’s

    Lower Monthly Payments.

    Great for self-employed individuals and those with commission or bonus income benefit from lower monthly payments and can add to principal when its more advantageous for them to do so.

    Those planning to live in the home for a short time prefer to have a lower monthly payment vs. adding to principal.

    •  Loan Amounts to $3M
    • 90% Financing for Purchase or Rate & Term Refinance
    • Cash out to $1M in Hand
    • Derogatory Credit History Considered

    Find out how much you can save on your monthly payments.

    For a Free Consultation:
    Call or Email:
    John Sauro
    Ph: 877-794-5363
    Email: JohnSauro@Gmail.com

    84% of Americans Believe Buying a Home is a Good Financial Decision

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    84% of Americans Believe Buying a Home is a Good Financial Decision

    According to the "2017 National Housing Pulse Survey", 84% of Americans Believe Buying a Home is a Good Financial Decision, the HIGHEST NUMBER SINCE 2007!

    American's wanting to own a home is growing stronger and desiring stability and equity over affordability concerns. 8 out of 10 people believe home-ownership increases their equity and financial worth.

    The 2017 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services.  Click here to read survey.

    The average time to close a loan with North Atlantic Mortgage is about 30 days.  We monitor real time interest rates, which is why our clients are able to access some of the lowest rates available.  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 are 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

      GET STARTED! Get instant comparisons of home loans in your area NOW!

      Loan Purpose:

      Property Type:

      Loan Amount:

      Property Value:

      Property Zip:

      *Your Name:

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      No Income Check Loans – Making a Comeback?

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      No income check home loans were very common prior to the 2008 credit crisis.  However, they bacame extinct after 2008.  So far, there are no lenders offering the old style no income check loans, but there are a few programs available through North Atlantic Mortgage that allow for alternative ways of verifying income.

      Here are two alternative ways of verifying income:

      Option One – Asset Qualification

      • Borrowers are qualified based on verified liquid assets
      • Employment and income are not stated on application
      • Debt To Income ratios not calculated
      • 4506T IRS Transcript not required
      • Payment shock not calculated
      • Foreign Nationals allowed
      • Option Two- Bank Statements

      Option Two- Bank Statements

      • Self-employed borrowers* using bank statements
      • Debt To Income ratio up to 50%
      • Personal or business bank statements allowed
      • If business and personal accounts are combined, or if borrower is using only business bank statements, income is evaluated using a 50% expense factor for business-related deposits.
      • Payment shock not calculated

      *A borrower with a 25% or greater ownership interest in a business is considered self-employed

       

      WASHINGTON, D.C. (June 21, 2017) – Mortgage applications increased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 16, 2017.

      The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.13 percent, with points decreasing to 0.34 from 0.35 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

      The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.08 percent from 4.06 percent, with points increasing to 0.30 from 0.24 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

      The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.04 percent from 4.00 percent, with points increasing to 0.35 from 0.29 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

      The average contract interest rate for 15-year fixed-rate mortgages increased to 3.40 percent from 3.37 percent, with points increasing to 0.38 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

       

      Buying or Refinancing a home doesn’t have to be Stressful

      With rates so low many 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 monitor real time interest rates, which is why our clients are able to access some of the lowest rates available.  We understand the guidelines and know what different lenders can do, which incresaes 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 are 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

       

       

       

      Sources: Mortgage Bankers Association