Monday, June 24, 2019 / by Vanessa Saunders
In the Hudson Valley, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show that you are serious about buying your dream home is to get pre-approved for a mortgage before starting your search.
Even if you are not in an incredibly competitive market, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with a Global Property Systems Local Area Expert is th ...
Thursday, June 06, 2019 / by Vanessa Saunders
There are a lot of down sides to the trade wars recently declared by President Trump on China and Mexico. But one unexpected benefit affects people shopping for homes: interest rates are going down. Barry Goldenberg, Senior Loan Originator for Luxury Mortgage explains, "Mortgage rates loosely follow the yield of the 10 year treasury note, which has dropped steadily over the past month and a half. This is due in part to instability in the economy caused by worries over the recent tariffs on Chinese and Mexican imports."
Mortgage rates are dropping at just the right time for home buyers who are in the market to purchase a home. Whether its first time home buyers or buyers who are looking to trade up to a larger house this summer, the drop in interest rates couldn’t have come at a more opportune time. The average rate for a 30-year mortgage dropped for a fifth straight week to 3.99 percent, which is the lowest since January 2018. Home buyers are naturally sensitiv ...
Wednesday, May 15, 2019 / by Vanessa Saunders
So, you’ve been searching for that perfect house to call ‘home,’ and you’ve finally found it! The price is right, and in such a competitive market, you want to make sure you make a good offer so that you can guarantee that your dream of making this house yours comes true!
Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration:
1. Determine Your Price and Get Pre-Approved By a Lender
“You’ve found the perfect home and you’re ready to buy. Now what? Your Global Property Systems local area expert will be by your side, helping you determine an offer price that is fair.”
Based on your agent’s key considerations (like similar homes recently sold in the same neighborhood or the condition of the house and what you can afford), your agent will help you to determine the offer that you are going to present.
Getting pre-approved by a lender wil ...
Wednesday, May 08, 2019 / by Vanessa Saunders
If you're interested in buying a house in the Hudson Valley but don't have 20% of the cost of a property to put down to qualify for a mortgage, don't worry. According to the National Association of REALTORS, "There are thousands of down payment assistance programs around the country and many of them offer funds to relatively high-earning households, in some cases those earning as high as 200 percent of the area median income." More often than not lenders and banks will require private mortgage insurance (PMI) for home buyers when making less than 20% down payment.
That being said, buyers should realize that that making a low down payment will not likely result in a higher interest rate. They should also be aware that PMI increases mortgage costs with little benefit to the buyer. Private mortgage insurance is required by a lender to protect THEM, not the buyer if anything happens that compromises repayment of the loan.
PMI is a form of mortgage insurance that's often required of les ...