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  Sat Jan 28

Mortgage Rates Start the Year Below Four Percent

News Facts

30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.6 point for the week ending January 7, 2016, down from last week when it averaged 4.01 percent. A year ago at this time, the 30-year FRM averaged 3.73 percent.

  • 15-year FRM this week averaged 3.26 percent with an average 0.5 point, up from 3.24 percent last week. A year ago at this time, the 15-year FRM averaged 3.05 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.09 percent this week with an average 0.5 point, up from last week when it averaged 3.08 percent. A year ago, the 5-year ARM averaged 2.98 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. 


 

   
  Fri Jan 27

Mortgage Pre-Qualification vs Pre-Approval

Two often confused terms in the home buying process are a mortgage loan pre-qualification and a home loan pre-approval. Even some loan officers and real estate agents will use the terms incorrectly, so here's what you really need to know about each one.

 

Pre-Qualification

A mortgage loan pre-qualification is simply an estimate of how much house you can afford and how much money a lender would be willing to loan you. The best time to get a pre-qualification is right at the beginning of your home buying process, before you even start looking at houses. This involves either sitting down with a lender or talking with one on the phone, and providing information on your income, assets, debts, and a potential down payment amount. The lender would then provide you with a ballpark figure in writing of how much he thinks you could afford to pay for a monthly mortgage. There is no cost involved and there is no commitment on either side. This estimate is just helpful in helping you figure out if buying a home is a viable option, and if so, what your price range would probably be.

 

Pre-approval

Getting pre-approved means that you have a tentative commitment from a specific lender for mortgage funding. In this case, you provide a home loan lender with actual documentation of your income, assets, and debts. This process typically requires an application fee as well, since the bank will run a credit check and work to verify all your employment and financial information. Once you are approved, the lender will give you a letter of commitment, stating how much money her bank is willing to loan you for a home purchase. With a pre-approval in hand you can start your shopping - real estate agents and sellers will take you much more seriously when they see you have your mortgage funding in place.

It is important to understand, however, that even a pre-approval is not a guarantee that you will be approved for a mortgage loan.  The funding will only be given when the property appraisal, title search, and other verifications check out on the home you have chosen to buy.  Neither is the pre-approval binding; you can still obtain a mortgage from a different lender. If you do stick with the same company that pre-approved you though, the application process will be much shorter once you find the right house.

   
  Tue Jan 24

Where Foreclosure Backlogs Remain a Problem

Banks continue to clean out the pipeline of loans that were originated during the housing boom days that have since turned sour.

Most of the homes that are still being foreclosed on are from loans originated between 2004 and 2008, known as “legacy foreclosures,” according to ATTOM Data Solutions’ 2016 U.S. Foreclosure Market Report.

The following markets are seeing the biggest cases of backlogs with legacy foreclosures:

  • District of Columbia: 76% (share of legacy foreclosures)
  • Hawaii: 66%
  • New Jersey: 64%
  • Nevada: 63%
  • Delaware: 61%
  • Massachusetts: 61%

On a county level, the highest number of legacy foreclosures are occurring in:

  • Nassau County (Long Island), N.Y.: 8,632 representing 74 percent of all loans actively in foreclosure
  • Cook County (Chicago), Ill.: 7,357 representing 53 percent
  • Kings County (Brooklyn), N.Y.: 6,207 representing 68 percent
  • Miami-Dade County, Fla.: 5,262 representing 64 percent
  • Los Angeles County, Calif.: 4,956 representing 64 percent

While foreclosures are elevated in some areas, nationwide they mostly are continuing to drop. ATTOM Data Solution’s report showed that overall foreclosure filings – which include default notices, scheduled auctions, and bank repossessions – dropped 14 percent in 2016 from 2015 to the lowest level since 2006. There were 933,045 foreclosure filings in 2016.

Read moreWhere the Foreclosure Niche Still Makes Sense

“The national foreclosure rate stayed within an historically normal range for the third consecutive year in 2016, even as banks continued to clear out legacy foreclosures from the last housing bubble, particularly in the final quarter of the year,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Foreclosures completed in the fourth quarter had been in the foreclosure process 803 days on average, a substantial jump from the third quarter and indicating that banks pushed through significant numbers of legacy foreclosures during the quarter. Despite that push, we still show that more than half of all active foreclosures nationwide are on loans originated between 2004 and 2008, with a much higher share of legacy foreclosures in some markets.”

   
  Fri Jan 13

TransUnion 2016 Forecast Expects Consumer Credit Markets to Complete Recovery

TransUnion's 2016 mortgage and credit card forecasts predict that the consumer lending market will have fully recovered by the end of next year from both the mortgage crisis and the ensuing Great Recession that concluded more than six years ago.

TransUnion forecasts the national mortgage loan serious delinquency rate (the ratio of borrowers 60 or more days past due) will decline from 2.50 percent at the end of 2015 to 2.06 percent at the conclusion of 2016. Consumer level mortgage delinquency rates peaked in Q1 2010 at 6.94 percent and have been declining nearly every quarter since.

Credit card serious delinquency rates (the ratio of bankcard borrowers 90 days or more delinquent on one or more of their credit cards) are expected to conclude 2016 at 1.46 percent. This would mark the fourth consecutive year of delinquency rates just below 1.5 percent, a nearly 50 percent decline in delinquency rates from the end of 2009.

   
  Thu Jan 12

Carbon monoxide can kill

Updated December 29, 2015 4:48 PM
 
Police tell News 12 they were called to the scene around 8 a.m. in response to two unconscious girls at a home on Franklin Court East. (12/29/15)

GARDEN CITY - A Garden City family was exposed to dangerously high levels of carbon monoxide in their homes Tuesday morning, emergency crews say.  
Martin Arelleno, the owner of a home on Franklin Court East, says his cousin was staying with his wife and two kids in the basement. Arelleno says his cousin's two daughters fainted after being exposed to the gas.
A carbon monoxide detector was inside the home, but no alert was set off.
Garden City police say six out of the eight people inside the home were taken to the hospital for carbon monoxide poisoning. Arelleno says his family will be OK.
The source of what caused the high levels of carbon monoxide is still under investigation.
Garden City police say neighboring homes were also checked for carbon monoxide, but were found to be normal.
Nassau County Assistant Chief Fire Marshal John Priest says homeowners should get their heating systems checked by a professional.
"Carbon monoxide is a deadly killer. It is invisible, and it is odorless," says Priest. "Fire services across the United States will go to 60,000 carbon monoxide calls during 2016. We strongly suggest carbon monoxide and smoke detectors in the home on any floor."


 
   
  Sat Dec 31

How Long Information Stays On A Credit Report Once Reported

The three negative items which tend to show up the most on Credit Reports are:

  • Judgments
  • Collections
  • Late Payments

Borrowers can't do anything about past late payments, all they can do is to make sure they do not go late again.  Judgments and Collections are another issue, because they can pay them off, so they will stop having a negative impact on their Credit Score.  However, some of the Judgments and Collections I see on Credit Reports for Borrowers with major credit issues are substantial.  It is not unusual for these Borrowers to have a combination of Judgments and Collections upward of $10,000 to $20,000.

An example of a sizable Collection would be a repossessed car.  Even though the car will be re-sold by the creditor, the creditor will still list the full remaining balance as the Collection amount.  The remaining balance on a repossessed car can easily be over $10,000.  When a Borrower has a Collection this substantial, it is not unusual for them to also have several other Collections as well.  Even if the Collection Company is willing to settle for 50% of the amount owned, they will most of the time not settle unless the Borrower is able to pay them the agreed upon amount in one lump sum.  If the Collection is substantial most Borrowers do not have enough funds to do that.

Another reason why the length of time information on a Credit Report remains is important, is because the Borrower may not want to payoff the Judgment or Collection if they are close to the time which they will drop-off the Credit Report without payment.  The chart below shows the length of time different items remain on a Credit Report.

The best thing to do is to just pay everything off, but when Borrowers do not have sufficient funds to do so, the above chart is very useful in determining what Judgments or Collections should be paid-off first, and which ones are close enough to coming off on their own which should either be paid last or not at all.  I am a firm believer if you own a debt, then you need to pay the debt.  So I do not ever suggest a Borrower not payoff their Collections or Judgments on their Credit Report, not paying them will be a decision they need to reach on their own.  However, I do have an obligation to provide the information in the above chart when it is requested by a Borrower who wants to know How Long Information Stays On A Credit Report Once Reported, and the above chart is very useful in providing them with that information quickly.

   
  Fri Dec 30

Understanding Your Credit Score

You’ve just applied for a mortgage or auto loan and your lender comes back with a three-digit number that summarizes your credit worthiness and you have no clue what that number really means. What is the difference between a 540, a 670 and a 780? If you’re not familiar with credit scores then these seemingly random numbers can make it difficult to determine where you stand. And in today’s difficult economic environment, you need every point you can get. In this article we’re going to find out exactly what these numbers mean to lenders – and to you.

*Range above based on the FICO® credit score, which is used by most lenders.
Outstanding: 800+
If your credit score is over 800 then you’re pretty much the best of the best as far as the lending and insurance worlds are concerned. With scores this high, you represent an outstanding credit risk, almost non-existent, and you’ll qualify for the best deals. Consumers that score in the 800+ range typically have a long credit history with multiple credit accounts that have been paid on time for years. There are no derogatory records such as collections, bankruptcies or charge-off accounts and very little credit card debt. These people are almost immune to the credit crisis.Very Good: 750 – 799
If your credit score is between the 750 – 799 range, lenders will view you as a very low credit risk and you’ll qualify for some of the lowest lending rates available. You manage your credit responsibly by paying your bills on time and keeping your credit balances very low in relation to the credit limits.

If you need to repair your credit give me a call, this will remain private.

Sharyn Guzzi

Sharyn@lihorseproperties.com

631-979-2965

   
  Tue Dec 06

Women and Housing Market

Single Women Kick Butt in the Housing Market

Over the past 12 months, single women made up 17 percent of all homebuyers, purchasing at twice the rate of their single male counterparts, according to a new annual report from the National Association of REALTORS®.

Furthermore, 2016 research from MGIC Connects shows single women representing the second-largest home-buying group, right behind married couples. This is even more impressive when you consider wage inequality, which is still a country-wide issue. In 2015, women made only 80 cents for every dollar earned by men working a comparable job - a gender wage gap of a shocking 20 percent.

So, women are kicking butt in the housing market. But who are these ladies? According to NAR's 2015 Profile of Buyers and Sellers report, the median age of the single female buyer is 32 years old, and their median income is $49,000. But it's not just 30-something ladies purchasing their homes solo, but baby boomers, divorced and out on their own, or downsizing from a family home they no longer need.

Unfortunately, all this forward movement for female homebuyers doesn't come without the occasional stigma. A 2016 RealtyTrac study found that homes owned by single men are valued 10 percent higher, on average, than homes owned by single women. At the time of the study, the value of homes owned by single men averaged $255,226 - 10 percent above the $229,094 average of homes owned by single women.

   
  Sat Nov 12

BUYING A HOUSE

   
  Fri Nov 04

Home Inspection List - You do as many as possible to prepare

Prepare your house for an inspection


What will a home inspector be looking at and how you can prepare for a home inspection?  The below listing may be helpful in preparing for a home inspection.  Many of these items can be done with little or no cost and many are regular maintenance items for a home. 

  1. Remove grade or mulch from contact with siding.  Six (6) or more inches of clearance is preferred. 
  2. Clean out dirty gutters or debris from the roof. 
  3. Divert all water away from the house; i.e. downspouts, sump pump, condensation drains, etc.  Grade should slope away from the structure.  Clean out basement entry drains. 
  4. Trim trees, roots and bushes back from the foundation, roof, siding and chimney. 
  5. Paint all weathered exterior wood and caulk around the trim, chimney, windows and doors. 
  6. Seal asphalt driveways, if cracking. 
  7. Seal or point up masonry chimney caps.  Install metal fluecap. 
  8. Clean or replace HVAC filter.  Clean dirty air returns and plenum. 
  9. Point up any failing mortar joints in brick or block. 
  10. Test all smoke detectors to ensure they are in safe working condition. 
  11. Update attic ventilation if none is present. 
  12. Have the chimney, fireplace or woodstove cleaned and provide the buyer with a copy of the cleaning record. 
  13. Seal masonry walls in the basement. 
  14. Don't do quick cheap repairs.  You may raise questions that will unfairly cause great concern to buyers and inspectors. 
  15. Ensure that all doors and windows are in proper operating condition, including repairing or replacing any cracked window panes. 
  16. Ensure that all plumbing fixtures (toilet, tub, shower, and sinks) are in proper working conditions.  Check for and fix any leaks.  Caulk around fixtures if necessary. 
  17. Install GFCI receptacles near all water sources.  Test all present GFCI receptacles for proper operation. 
  18. Check sump pump for proper operation. 
  19. Replace any burned out light bulbs. 
  20. Remove rotting wood and/or firewood from contact with the house. 
  21. Ensure that proper grading is followed under a deck. 
  22. Install proper vapor barrier in crawlspaces. 
  23. Caulk all exterior wall penetrations. 
  24. Check to ensure that the crawlspace is dry and install a proper vapor barrier if necessary.  Remove any visible moisture from a crawlspace.  Moisture levels in wood should be below 18% to deter rot and mildew. 
  25. Check that bath vents are properly vented and in working condition. 
  26. Remove paints, solvents, gas, etc., from crawlspace, basement, attic, porch, etc. 
  27. If windows are at or below grade, install window wells and covers. 
  28. Have clear access to attic, crawlspace, heating system, garage and other areas that will need to be inspected. 
  29. If the house is vacant, make sure that all utilities are turned on, including water, electric, water heater, furnace, air condition and breaks in the main panel.

 

   
   
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