Monthly Archives: March 2013

Mortgage Lending On Staten Island

Cyprus Reaches Bailout Deal

It was a relatively quiet week. Mixed US economic data had little impact. Events in Europe were the main influence on mortgage rates. Investors grew more concerned that uncertainty in Europe could slow the pace of global economic growth. As a result, mortgage rates ended the week a little lower.

The bank problems in Cyprus raised broad questions about the relationship between the troubled countries and the stronger countries in the European Union (EU). Early in the week, Cyprus reached an agreement to receive an EU bailout package for its banks. The terms of the aid highlighted the growing reluctance of Germany and the other healthier countries to use taxpayer funds to provide aid to the weaker countries. Investors are concerned that this may slow the implementation of unpopular reform measures intended to boost economic growth in the troubled countries. Adding to the uncertainty, Italian leaders have made little progress in forming a coalition government, making it very difficult for the third largest country in the EU to do anything to improve its economic situation.

So why is political and economic uncertainty in Europe positive for US mortgage rates? Since US companies conduct business in Europe and export to Europe, slower growth there will be a drag on the US economy as well. This results in reduced expectations for future inflation, which is good for mortgage rates. In addition, the duration of the Fed’s MBS and Treasury purchase program depends on the strength of the US economy and the labor market. Weaker growth and lower inflation could justify Fed purchases for a longer period of time, providing an extra benefit for mortgage rates.

chart 032813

Week Ahead

The biggest economic report next week will be the important Employment data on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before the employment data, ISM Manufacturing will be released on Monday, and ISM Services will come out on Wednesday. Construction Spending and Factory Orders will round out the schedule. In addition, the ECB meeting on Thursday will be highly anticipated.

For more information visit http://www.mortgagessiny.com

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Mortgage Expert

1. Be Consistent
The key to being successful in social media is consistently posting content. You can’t Tweet or post to Facebook once in a blue moon and expect results. You need to be there everyday—just like you are with your phone calls, email and the rest of your marketing strategy. One of the best parts of using a tool like HootSuite is the ability to schedule your messages. You can spend just 15 minutes a day and schedule 3-5 new posts to “drip” out during the day. This is like drip marketing, but for social media.

2. Have a Content Strategy
You have to have a content strategy to be successful in the long haul with social. Ask yourself, ‘what type of content would be most relevant for my brand, for my audience and where am I going to get that content?’ Next, create a content grid or editorial calendar where you can map out topics you plan to post about over the next 30-60 days. Curate content by using Google Alerts or by creating specific lists on Twitter for specific types of content you’d like to re-tweet or re-post.

3. Never Forget: Real Estate is Local
When you are planning your content strategy make sure to include things that only locals know—like the best place to get a slice of pizza or the best place to get a cup of coffee. Buying or selling a home is so much more than the home—it’s the local parks, the school districts and so much more. Your audience and potential clients love that hyperlocal information—and as a real estate pro that is one area that will really set you apart.

4. Dip Your Toe Into More Than One Stream
Understand the conversation doesn’t just happen on your Facebook page or Twitter stream. Conversations about real estate are happening in Facebook groups, in personal chatter on social platforms, and throughout Twitter. It isn’t enough to just post to your social channels—be aware of conversations happening in your social circles about real estate and jump in. The conversations are there whether you are there or not—wouldn’t it be better if you were there? You can add several “Streams” in your HootSuite dashboard to listen in on the topics of your choice.

5. Find a Way to Measure the Success of Your Efforts
Do you know which Facebook posts or Tweets get the highest number of clicks or engagement? Do you know how much of your web traffic is coming from social networks? Do you know where your audience is? Make sure you are checking your HootSuite Analytics once a week to gauge your success. Also make sure you integrate your Facebook Insights and Google Analytics into your HootSuite account so you can really see the big picture.

DON’T FORGET THAT I AM A MORTGAGE BANKER AND I AM HERE TO HELP YOU HELP ME. I have been very succesfull with Social Media and together we can build a mutually beneficial internet presence. Give me a call. Can’t hurt to have a conversation.

For more information visit http://www.mortgagessiny.com

Lowest Rates Staten Island

Ready to connect with an expert? REMN is the Staten Island mortgage lender that offers customized rates and pricing, as well as a clear loan process that includes our exclusive educationby communication home-financing advice and service, and a variety of loan options to fit your needs. Arm yourself with the right tools and information about home loans in Staten Island, along with expert guidance from application through closing.

Not all Staten Island mortgage lenders offer the same thing. At REMN we’re here to answer all of your questions. Contact us for a free consultation. WHY RENT WHEN YOU CAN OWN A HOME FOR THE SAME MONTHYLY AMOUNT !!!

For more information visit http://www.mortgagessiny.com

Mortgage Expert

203K FINANCING FOR SANDY VICTIMS

What is FHA 203(k) renovation financing?
• The 203(k) is the Department of Housing and Urban Development’s (HUD) primary program for rehabilitation and repair of residential properties. • The 203(k) is the most valuable tool for reducing the cost of homeownership by upgrading and modernizing America’s older and/or distressed properties.
One Valuable Program with Two Options
• The Streamline Option is available for smaller, uncomplicated situations that don’t require any special permits or designs and where the total cost of labor and materials add up to $31,000 or less. There is no minimum dollar amount of repairs required.
• The Full/Consultant Option is available for larger, more complicated projects that require the expertise of a trained HUD Consultant to supervise the project. There is no limit on the total dollars you can spend.
• Loan terms for both options are the same; the only difference is the scope and size of the work being completed.
• Most homes can be completely remodeled in 60 days or less, but for larger projects you have up to six months to complete your dream renovations.
What type of repairs does a 203(k) loan cover?
• Roofs, Gutters, Down Spouts
• Heating and Cooling Systems
• Plumbing and Electrical Systems
• Kitchen and Bathroom Remodeling
• Basement Remodeling
• Expanding Attics and Adding other Room Additions and Garages
• Window and Door Replacement
• Carpet and Flooring
• Painting and Siding
• Energy Efficient Appliances
• Mold and Lead Paint Abatement
• Foundation and Water Damage
• Well and Septic Systems
• Contact your REMN Mortgage Loan Originator for a detailed list
Why should I use an FHA 203(k)?
• Save money on utility bills and maintenance cost (make home ownership more affordable)
• Increase a home’s resale value (build equity and wealth)
• Correct possible fire, health and safety issues in your home
• Improve the comfort and enjoyment of your home
• Take advantage of government sponsored incentives designed to lower the cost of home ownership.
What makes REMN different from other 203(k) lenders?
• REMN is a direct government lender
• REMN will not sell you loan to any other lender
• REMN originates, processes, underwrites, closes and administers all the construction draws and you make your mortgage payments directly to REMN Servicing Company
• REMN Concierge Service will assist each home buyer / home owner with questions, concerns, unexpected delays, and more so you are never left feeling out of control or uninformed
• REMN has a trained Specialist in your local market to assist you to pick the right options to meet your personal goals and objectives
• REMN is making dreams come true, one home at a time

For more information visit http://www.mortgagessiny.com

Lowest Rates Staten Island

Staten Island real estate inventory is moving regardless of what you may think or hear (believe nothing you hear and half of what you see is my motto). Without mentioning names I have seen brokers/agents thriving and making tens of thousands of dollars a month while others watch the news and believe the market has stalled OR STOPPED. PEOPLE WILL ALWAYS BUY HOMES!!! The statement is a FACT. YES ! values are down, YES ! less people qualify, YES ! there are more foreclosures and short sales than we have ever seen BUT ! and this is the key IF YOUR WILLING TO WORK and GO THE EXTRA MILE Real Estate and Mortgage’s are TRILLION DOLLAR INDUSTRIES. We are not Florida or California (these are among the states that pull down the National Averages). We are NEW YORK the GREATEST STATE in the Country. Take a quick drive over the bridge into Bay Ridge, Bensonhurst, Park Slope and look at market values. In some of these neighborhoods the values are up and sales are thriving. Ask yourself how people are qualifying for homes in Brooklyn? It’s simple, ATTRACT more buyers and show them the borough and show them the homes, schools, transportation accessibility etc. I challenge every realtor to go the extra mile and take time to find and CULTIVATE prospects for the LONG TERM as well as current qualified borrower’s. Plant more seeds, water them and watch them grow. RATES At this point, are in the high 3’s” and shock has been replaced by the shock of how long that phenomenon persists. Perhaps “shock” isn’t the ideal word. Given the market backdrop, we’d expect low rates, but the extent to which they’ve held steady recently is impressive. In the longer run, its possible rates could go even lower, but their recent steadiness reiterates that which we already know and have been observing: an increased resistance/difficulty in moving lower from here. The time to buy or sell IS HERE. Okay I am done but only for today.

For more information visit http://www.mortgagessiny.com

Mortgage Expert

Cash
Funds that can be verified as the borrower’s own, the source of which can be: (a) monies from borrower’s checking or savings account, or other similar time deposit account, which have been on deposit in the account for at least 2 months prior to loan application, (b) cash up to $1,000, (c) cash deposit towards property purchase, and (d) the market value of the lot owned by borrower, exclusive of any liens, on which the SONYMA financed home was or will be constructed, or the purchase price of the lot if it was purchased in the past 2 years, whichever is less. Other sources may be considered on a case-by-case basis.
Closing Costs
Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include, but are not limited to, fees charged by lenders, attorney fees, taxes, insurance premiums (e.g. flood insurance, hazard insurance, PMI), escrow charges, title insurance costs and survey costs. Lenders or realtors can often provide estimates of closing costs to prospective home buyers.
Down payment
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
Existing Housing
A property that has been previously occupied as a residence.
First-Time Home Buyer
A person who (i) has not had any ownership interest in his/her primary residence at any time during the three years prior to the date of making an application for a SONYMA mortgage loan; and, (ii) at the time of making the loan application to SONYMA, does not own a vacation or investment home. This definition includes residences owned in the United States and abroad.
Home Buyer Education
A course given by a SONYMA approved organization (usually a PMI company) in which participants learn budgeting techniques relevant to home owners. This is required for all loans with LTVs over 95% or down payments less than 5%. It is also required for all applicants applying for the Achieving The Dream and Remodel New York Programs.
Household Income
The total combined income of all persons who are age 18 or older and who are expected to live in the SONYMA financed property regardless of whether they have signed or will sign the mortgage application.
Housing Expense
The monthly costs associated with a mortgage loan, specifically: Principal, Interest, Taxes, and Insurance (PITI). Monthly costs also include maintenance fees, where applicable (e.g. condominiums, cooperatives, Planned Unit Developments, or Homeowners Associations).
Income Limit
SONYMA finances mortgage loans for persons with low or moderate incomes. The maximum incomes of persons eligible to receive SONYMA financed mortgage loans are subject to the requirements of federal and state law. The maximum income allowable may vary by SONYMA program, region of the state, and household size. Click here for current income limits.
Loan to Value
The relationship between the requested mortgage amount and the appraised value, or, sales price (whichever is lower) of the property. For example, a home valued and priced at $100,000 on which there is an $80,000 mortgage has an LTV of 80 percent.
Lock-In Fee
A fee equal to 1% of the requested loan amount, which is paid to the lender by the borrower within 14 days of loan reservation to hold (“lock”) a specific interest rate for a specific period of time. In SONYMA programs the fee is non-refundable unless the mortgage application is denied by the Participating Lender or SONYMA.
Long-Term Lock-In
Type of interest rate lock that may only be used for properties under construction or rehabilitation as of the SONYMA loan application date. The lock-in period is 240 days from the application date.
Mortgage Servicer
The mortgage company that services your SONYMA loan after closing. All mortgage payments and inquiries should be made directly to the mortgage servicer.
Newly Constructed Housing
A property that has not been previously used for residential purposes.
One-Family Home
A building designed for occupancy by one family, which includes a condominium unit, cooperative unit, townhome, planned unit development (PUD) unit, or factory-made housing permanently attached to real property.
Origination Fee
A fee that is paid by the borrower to compensate the Participating Lender for assisting the borrower to obtain a SONYMA mortgage loan.
Participating Lender
A lending institution that has been approved by SONYMA to originate, close and sell mortgage loans to SONYMA. Participating Lenders are familiar with SONYMA loan programs and requirements. Click here for a list of participating lenders.
Payment Reserves
Funds required by some lenders to be retained in a borrower’s bank account after loan closing in an amount equal to a specific number of monthly mortgage payments.
Point
One point equals 1% of the mortgage loan amount. Fees associated with mortgage loans are often calculated in points.
Pool Insurance
Mortgage insurance paid for by SONYMA that is required for all loans which provides protection in the event of a loss resulting from a borrower default.
Private Mortgage Insurance (PMI)
Mortgage insurance paid for by the borrower that SONYMA requires for all loans where the Loan to Value exceeds 80%. PMI protects the Participating Lender and SONYMA in the event of a loss resulting from borrower default.
Purchase Price Limits
SONYMA provides mortgage loans for moderately priced homes. The maximum sale price of homes eligible for SONYMA financed mortgage loans is subject to the requirements of federal and state law. The maximum sale price allowable may vary by SONYMA program, region of the state, and size of the home. Click here for current purchase price limits.
Seller Concession
An agreement specifically stated in the sales contract between the seller of the property and the buyer of the property in which the seller commits to pay a specific portion of the buyer’s closing costs. SONYMA limits the amount of Seller Concessions allowed.
Short-Term Lock-In
Type of interest rate lock that must be used for all Existing Housing and completed new construction or rehabilitation properties. The SONYMA rate lock-in period is 100 days from the application date.
Target Area
An entire census tract or portion thereof which has been designated by the federal government as economically distressed. For borrowers who purchase in these areas, in accordance with federal law, SONYMA waives the First-Time Home Buyer requirement, applies higher income and purchase price limits, and will finance two-family homes that are less than 5 years old.
Total Monthly Expense
Expected monthly expenses of the borrower including, but not limited to, the Housing Expense, car lease payments, credit card payments, and, any installment debt with more than 10 monthly payments remaining (i.e., personal loans, car loans, student loans, 401K or pension loans, etc.).
Underwriting Ratios
The maximum debt burdens allowable to applicants for mortgage loans expressed as two separate ratios – Housing Expense to gross monthly income and Total Monthly Expense to gross monthly income. SONYMA requires that the Housing Expense not exceed 33% of the borrower’s gross monthly income, and that the Total Monthly Expense not exceed 38% of the borrower’s gross monthly income. These percentages are increased to 40% and 45%, respectively, for applicants having a downpayment of 3% or more.
Value of the Property
The lower of the purchase price being paid for the property or the property’s market value as established by a qualified property

For more information visit http://www.mortgagessiny.com

Lowest Rates On Staten Island

Part I: Good Credit Translates into Lower Rates for the Consumer

In the 1960s, Fair Isaac Corporation started working on a system lenders could use to
evaluate the likelihood of receiving repayment on loans. Prior to that, it was
really a matter of trusting an individual to be a “man of his word,” so to
speak. Fair Isaac sought to take human error out of the equation with a reliable
system that could determine whether or not consumers were truly worthy of
credit, and thus FICO was born. This evolved to become the standard for lenders
by the 1980s.

Credit scoring has an enormous impact on a borrower’s
ability to purchase a home. It can mean the difference between getting a good
interest rate and the home of their dreams, or whether they even qualify at all.
For this reason, it is important for borrowers to understand the credit scoring
process, and to know what their credit score is when they look to obtain
mortgage financing.

What the credit scoring model seeks to quantify is
how likely the consumer is to pay off their debt without being more than 90 days
late on a payment at any time in the future. Credit scores can range between a
low score of 350 and a high of 850. The higher the client’s score is, the less
likely they are to default on their loan. Only a rare one out of approximately
1300 people in the United States have a credit score above 800. These are the
slam-dunk clients that walk away with the best interest rates. On the other
hand, one out of eight prospective home buyers are faced with the possibility
that they may not qualify for the loan they want because they have a score
between 500 and 600.

 

For more information visit http://www.mortgagessiny.com

Staten Island SONYMA mortgages

SONYMA LENDING

Cash
Funds that can be verified as the borrower’s own, the source of which can be: (a) monies from borrower’s checking or savings account, or other similar time deposit account, which have been on deposit in the account for at least 2 months prior to loan application, (b) cash up to $1,000, (c) cash deposit towards property purchase, and (d) the market value of the lot owned by borrower, exclusive of any liens, on which the SONYMA financed home was or will be constructed, or the purchase price of the lot if it was purchased in the past 2 years, whichever is less. Other sources may be considered on a case-by-case basis.

Closing Costs
Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include, but are not limited to, fees charged by lenders, attorney fees, taxes, insurance premiums (e.g. flood insurance, hazard insurance, PMI), escrow charges, title insurance costs and survey costs. Lenders or realtors can often provide estimates of closing costs to prospective home buyers.

Down payment
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

Existing Housing
A property that has been previously occupied as a residence.

First-Time Home Buyer
A person who (i) has not had any ownership interest in his/her primary residence at any time during the three years prior to the date of making an application for a SONYMA mortgage loan; and, (ii) at the time of making the loan application to SONYMA, does not own a vacation or investment home. This definition includes residences owned in the United States and abroad.

Home Buyer Education
A course given by a SONYMA approved organization (usually a PMI company) in which participants learn budgeting techniques relevant to home owners. This is required for all loans with LTVs over 95% or down payments less than 5%. It is also required for all applicants applying for the Achieving The Dream and Remodel New York Programs.

Household Income
The total combined income of all persons who are age 18 or older and who are expected to live in the SONYMA financed property regardless of whether they have signed or will sign the mortgage application.

Housing Expense
The monthly costs associated with a mortgage loan, specifically: Principal, Interest, Taxes, and Insurance (PITI). Monthly costs also include maintenance fees, where applicable (e.g. condominiums, cooperatives, Planned Unit Developments, or Homeowners Associations).

Income Limit
SONYMA finances mortgage loans for persons with low or moderate incomes. The maximum incomes of persons eligible to receive SONYMA financed mortgage loans are subject to the requirements of federal and state law. The maximum income allowable may vary by SONYMA program, region of the state, and household size. Click here for current income limits.

Loan to Value
The relationship between the requested mortgage amount and the appraised value, or, sales price (whichever is lower) of the property. For example, a home valued and priced at $100,000 on which there is an $80,000 mortgage has an LTV of 80 percent.

Lock-In Fee
A fee equal to 1% of the requested loan amount, which is paid to the lender by the borrower within 14 days of loan reservation to hold (“lock”) a specific interest rate for a specific period of time. In SONYMA programs the fee is non-refundable unless the mortgage application is denied by the Participating Lender or SONYMA.

Long-Term Lock-In
Type of interest rate lock that may only be used for properties under construction or rehabilitation as of the SONYMA loan application date. The lock-in period is 240 days from the application date.

Mortgage Servicer
The mortgage company that services your SONYMA loan after closing. All mortgage payments and inquiries should be made directly to the mortgage servicer.

Newly Constructed Housing
A property that has not been previously used for residential purposes.

One-Family Home
A building designed for occupancy by one family, which includes a condominium unit, cooperative unit, townhome, planned unit development (PUD) unit, or factory-made housing permanently attached to real property.

Origination Fee
A fee that is paid by the borrower to compensate the Participating Lender for assisting the borrower to obtain a SONYMA mortgage loan.

Participating Lender
A lending institution that has been approved by SONYMA to originate, close and sell mortgage loans to SONYMA. Participating Lenders are familiar with SONYMA loan programs and requirements. Click here for a list of participating lenders.

Payment Reserves
Funds required by some lenders to be retained in a borrower’s bank account after loan closing in an amount equal to a specific number of monthly mortgage payments.

Point
One point equals 1% of the mortgage loan amount. Fees associated with mortgage loans are often calculated in points.

Pool Insurance
Mortgage insurance paid for by SONYMA that is required for all loans which provides protection in the event of a loss resulting from a borrower default.

Private Mortgage Insurance (PMI)
Mortgage insurance paid for by the borrower that SONYMA requires for all loans where the Loan to Value exceeds 80%. PMI protects the Participating Lender and SONYMA in the event of a loss resulting from borrower default.

Purchase Price Limits
SONYMA provides mortgage loans for moderately priced homes. The maximum sale price of homes eligible for SONYMA financed mortgage loans is subject to the requirements of federal and state law. The maximum sale price allowable may vary by SONYMA program, region of the state, and size of the home. Click here for current purchase price limits.

Seller Concession
An agreement specifically stated in the sales contract between the seller of the property and the buyer of the property in which the seller commits to pay a specific portion of the buyer’s closing costs. SONYMA limits the amount of Seller Concessions allowed.

Short-Term Lock-In
Type of interest rate lock that must be used for all Existing Housing and completed new construction or rehabilitation properties. The SONYMA rate lock-in period is 100 days from the application date.

Target Area
An entire census tract or portion thereof which has been designated by the federal government as economically distressed. For borrowers who purchase in these areas, in accordance with federal law, SONYMA waives the First-Time Home Buyer requirement, applies higher income and purchase price limits, and will finance two-family homes that are less than 5 years old.

Total Monthly Expense
Expected monthly expenses of the borrower including, but not limited to, the Housing Expense, car lease payments, credit card payments, and, any installment debt with more than 10 monthly payments remaining (i.e., personal loans, car loans, student loans, 401K or pension loans, etc.).

Underwriting Ratios
The maximum debt burdens allowable to applicants for mortgage loans expressed as two separate ratios – Housing Expense to gross monthly income and Total Monthly Expense to gross monthly income. SONYMA requires that the Housing Expense not exceed 33% of the borrower’s gross monthly income, and that the Total Monthly Expense not exceed 38% of the borrower’s gross monthly income. These percentages are increased to 40% and 45%, respectively, for applicants having a downpayment of 3% or more.

Value of the Property
The lower of the purchase price being paid for the property or the property’s market value as established by a qualified property appraiser.

 

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For more information visit http://www.mortgagessiny.com

Brooklyn Mortgage Rates

Questions about purchasing a home, refinancing an existing home or anything in general? Contact the Mortgage Expert and have your answers answered in a timely manner with clear and concise answers. Over 150 Combined years of experience under on roof.

For more information visit http://www.mortgagessiny.com

Mortgage Expert, Staten Island

Questions about purchasing a home, refinancing an existing home or anything in general? Contact the Mortgage Expert and have your answers answered in a timely manner with clear and concise answers. Over 150 Combined years of experience under on roof.

 

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For more information visit http://www.mortgagessiny.com