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Tag Archives: NY Real Estate
Loan Application Rush Before Income Changes
Many rush to get their loan application in before their income changes.
With the sudden dramatic drop in rates and paychecks taking a hit, it is advised to quickly submit your loan request. It costs nothing, no commitment necessary and if you choose not to go ahead with it there is no adversary effects on your financial situation.
If you don’t make a move now, qualifying for that great rate may not happen if your income shows a decline.
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Local NY Advisor:
John Sauro
(914) 764-3261
johnsauro@gmail.com
Will Mortgage Rates Fall Further?
Freddie Mac will release its Primary Mortgage Market Survey on Thursday, February 6, after the latest report revealed a continued drop in rates.
The average 30-year fixed-rate mortgage fell nine basis points on Thursday to an average rate of 3.51%, according to Freddie Mac’s Primary Mortgage Market Survey.
“This week’s mortgage rates were the second-lowest in three years, supporting homebuyer demand and leading to higher refinancing activity,” said Sam Khater, Freddie Mac’s Chief Economist.
“Borrowers who take advantage of these low rates can improve their cash flow by lowering their monthly mortgage payments, giving them more money to spend or save.”
Historically Low Mortgage Rates
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John Sauro
Thursday’s rate is a drop from the prior weeks’ 3.60%. This time last year, the 30-year fixed-rate mortgage averaged 4.46%.
A report by FOX Business states that mortgage rates fell and applications surged due to investors’ growing concerns of how China’s coronavirus could impact economic conditions.
The Mortgage Bankers Association reported that applications surged 7.2% higher from the week prior for the week ending on January 24.
Danielle Hale, Chief Economist at realtor.com, told MReport that concerns about the coronavirus’ impact have driven investors into the security of bonds, “accelerating” the drop in 30-year mortgage rates.
“We expect these lower rates to stick around until the virus is better understood, the transmission is slowed, and treatment improves,” Hale said.
She added lower rates are one of several factors helping shift the rent-buy tradeoff back toward buying, even though renting remains the short-term winner in many large markets.
Hale, though, said prospective buyers find homes continue to be an issue, as the market is missing 3.8 million homes.
“Additional new construction is sorely needed to alleviate the current shortage and meet rising demand,” Hale said.
Interest Only Mortgages
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John Sauro
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Source:Daily Dose
US Housing Starts Soar 16.9% in December to a 13-year High
KEY POINTS
- U.S. homebuilding surged to a 13-year high in December as activity increased across the board.
- The data suggested the housing market recovery was back on track amid low mortgage rates, and could help support the longest economic expansion on record.
- Housing starts jumped 16.9% to an annual rate of 1.608 million units last month, the highest level since 2006.
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2.75% APR 2.98%
15 Year Fixed Rate
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John Sauro
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U.S. homebuilding surged to a 13-year high in December as activity increased across the board, suggesting the housing market recovery was back on track amid low mortgage rates, and could help support the longest economic expansion on record.
Housing starts jumped 16.9% to a seasonally adjusted annual rate of 1.608 million units last month, the highest level since December 2006. The percentage gain was the largest since October 2016. Data for November was revised higher to show homebuilding rising to a pace of 1.375 million units, instead of advancing to a rate of 1.365 million units as previously reported.
Economists polled by Reuters had forecast housing starts would increase to a pace of 1.375 million units in December.
Housing starts soared 40.8% on a year-on-year basis in December. An estimated 1.290 million housing units were started in 2019, up 3.2% compared to 2018.
Building permits fell 3.9% to a rate of 1.416 million units in December after hitting their highest level in more than 12-1/2 years in November.
The housing market is regaining momentum after the Federal Reserve cut interest rates three times last year, pushing down mortgage rates from last year’s multi-year highs. The 30-year fixed mortgage rate has dropped to an average of 3.65% from its peak of 4.94% in November 2018, according to data from mortgage finance agency Freddie Mac.
Though a survey on Monday showed confidence among homebuilders dipped in January, it remained near levels last seen in mid-1999. Builders said they “continue to grapple with a shortage of lots and labor while buyers are frustrated by a lack of inventory, particularly among starter homes.”
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Investor Loans,
Mortgages for Self Employed,
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The housing market accounts for about 3.1% of the economy. Residential investment rebounded in the third quarter after contracting for six straight quarters, the longest such stretch since the 2007-2009 recession. It is expected to contribute to gross domestic product again in the fourth quarter.
Single-family homebuilding, which accounts for the largest share of the housing market, jumped 11.2% to a rate of 1.055 units in December, the highest level since June 2007. Single-family housing starts rose in the Midwest and the populous South. They, however, fell in the Northeast and West.
Single-family housing building permits slipped 0.5% to a rate of 916,000 units in December after rising for seven straight months.
Starts for the volatile multi-family housing segment vaulted 29.8% to a rate of 553,000 units last month. Permits for the construction of multi-family homes fell 9.6% to a rate of 500,000 units.
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*The Annual Percentage Rate 2.982% is based on a single family owner occupied home loan with a maximum loan amount of $510,400 a 2.75% interest rate, 1.50 points, 30 day rate lock, Fixed Rate for 15 Years with a payment of $3,463.69, a 80% Loan to Value and a minimum credit score of 740. The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. The rates may change or not be available at commitment or closing or may be subject to product restrictions. Rates advertised are as of January 9, 2020. Rates are subject to change without notice. 178 Trinity Pass, Pound Ridge NY 10576 * Registered Mortgage Broker, NYS Banking Department. Loans Arranged Through Third Party Providers . NMLS# 1375 & 42481
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Source: CNBC
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.
Where Home Prices Are Accelerating
Miami, Austin-Round Rock, and Cape Coral-Fort Myers remain the most overvalued metro areas in the nation, according to CoreLogic’s HPI Forecast Validation Report.
The report noted that Bridgeport-Stamford-Norwalk metro continued to be the most undervalued market with a population size of over 700,000 with Hartford-West Hartford-East Hartford closely following.
The report compares the 12 months CoreLogic Home Price Index (HPI) forecast to the actual CoreLogic HPI data and compares the changes in national and key core-based statistical areas (CBSA)-level forecasts. The current report notes data changes from November 2017 to November 2018.
However, the report noted that some major metros were experiencing a large absolute price change over the last 12 months and that CoreLogic was monitoring these areas. “Many of these major metros have had complex economic, market demand and supply factors over the last year,” the report said.
According to the report, the national prediction of a 4.7 percent increase was within 0.1 percent of the 4.8 percent increase of the HPI during the period under review. While the most accurate CBSA-level forecast was for the Cambridge-Newton-Framingham, Massachusetts region which came on target of the actual HPI increase of 5.5 percent. The widest CBSA gap was for San Diego, California, a market that was over-estimated by 6.4 percent compared to the actual increase.
This gap, CoreLogic said was because of a downturn of overall demand, combined with concern over long-term affordability.
Apart from San Diego, the report said that Philadelphia, Pennsylvania; Atlanta, Georgia; and Fort Worth, Texas were among the three other areas that were at the high end of the forecasting gap. While the Philadelphia market was slow to recover after the housing crisis, the market saw home price appreciation exceeding 5 percent for the first time since 2006, last spring.
Atlanta, on the other hand, had exhibited a very strong, higher-than-expected year-over-year increase due to the limited inventory of homes. This in a market where construction has traditionally kept up with the demand for housing.
The Dallas-Fort Worth economy grew at twice the national rate with 3.2 percent versus 1.6 percent annual job gains in August 2018. The report noted that although home construction in this CBSA had returned to pre-bubble rates, “housing supply may not be keeping up with population growth.”
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. MReport