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Category Archives: Bedford
What Every Homebuyer Should Know About Mortgage Rates in 2014 | Bedford NY Homes
Get in while the gettin’s good.
That’s one way to sum up what homebuyers should know about mortgage rates in 2014.
Of course, there’s a little more to it than that, so if you’re looking to get the best possible rate in 2014 you should be aware of where mortgages stand and where experts think they’re going.
What’s happening now The good news is that rates are still attractive right now. In January, the average commitment rate on a 30-year, fixed-rate mortgage was 4.43 percent, according to Freddie Mac. That’s up from last year, but still lower than the annual average of every year from 2011 back to 1971. (Freddie Mac was chartered by Congress in 1970.)
The bad news? Rates will continue to rise. How high they rise depends on two things: the Federal Reserve and the economy. Here are a couple of ways those two factors are affecting rates.
The Fed is scaling back its economic stimulus program The Fed has reduced its bond purchasing program, which helped to keep mortgage rates low. As it continues to scale back on bonds, rates will likely increase.
Investors just aren’t that into mortgage notes According to Reuters, “Upbeat trade data from China and an optimistic economic outlook from Federal Reserve Chair Janet Yellen whetted investors’ appetite for risk.”
So what does that have to do with mortgage rates? Confident investors don’t buy safe investments like mortgage notes — they bet on riskier (and more profitable) investments. That usually means that mortgage rates will go up.
Predictions for 2014 It’s likely that mortgage rates will rise above 5 percent this year, according to the Mortgage Banker’s Association (MBA).
“We expect mortgage rates will increase above 5 percent in 2014 and then increase further to 5.5 percent by the end of 2015,” said Jay Brinkmann, MBA’s Chief Economist and Senior Vice President for Research and Education in a press release. “As a result, mortgage refinancing will continue to drop, and borrowers seeking to tap the equity in their homes will be more likely to rely on home equity seconds rather than cash-out refinances.”
3 poisoning hazards that are hiding in your home | Bedford NY Real Estate
Should I Use a Mortgage Broker or a Bank? | Bedford Real Estate
This week’s reader question is about who to approach when you’re looking for mortgage money. Here it is:
I am going through the mortgage process the second time. The first mortgage was for a very low amount, so I didn’t really learn much about the process. My question is what is the difference between using a mortgage broker and a bank to secure financing? What are the advantages and disadvantages of both? – John
Before we get to John’s answer, check out a video I did a couple of years ago about mortgage shopping.
Now let’s get to John’s answer, starting with what the term “broker” means and what they do.
What brokers do
Whether you’re talking real estate broker, stockbroker, insurance broker, mortgage broker or pawnbroker, they all have one thing in common: They’re middlemen who get paid to facilitate a transaction.
Logic would suggest that leaving out the middleman and dealing directly would allow for a less expensive transaction. But if brokers didn’t routinely save more than enough to offset their expense, they wouldn’t exist.
Stockbrokers have relationships with several exchanges, so they can get you the best price when you buy or sell stocks. Insurance brokers have relationships with multiple insurance companies, so they can get you the best price when you buy insurance.
http://finance.yahoo.com/news/ask-stacy-mortgage-broker-bank-150040816.html
The Best Real Estate Markets 2013 | Bedford NY Real Estate
When considering which real estate markets are the best, it is wise to look at home sales among other aspects as this number often reveals a thriving real estate market. Below is a list of the top 25 real estate markets in America today from the least to the greatest:
Oklahoma City, Oklahoma:
According to trulia.com, the median sales price for homes in Oklahoma City from April 13th to June 13th was $126,000. This represents an increase of 0.8 percent compared to the prior year. The average price per square foot was listed as $83, which is a 6.4 percent increase from the same period last year. Popular neighborhoods in Oklahoma City include Gatewood UCD, Woodland Park, Shepherd Historic District, the Greens, Cleveland UCD and Quail Creek. According to moneyjournal.com, the 2013 real estate market in Oklahoma City is forecasted to grow 4.3 percent.
Omaha, Nebraska:
According to trulia.com, the median sales price for homes in Omaha was $150,000. This is an increase of 5.6 percent compared to the previous year. The price per square foot for Omaha homes increased 13.7 percent from the previous year and is currently averaging $116 per square foot. Moneyjournal.com predicts an increase in the market of 4.5 percent in the year 2013.
El Paso, Texas:
The median home price in El Paso, Texas, increased 8.8 percent compared to the same period the previous year. The average list price for a home in El Paso is $194,499. The moneyjournal.com predicts a 5.3 percent growth in the El Paso’s real estate market in 2013.
http://www.housingpredictor.com/the-best-real-estate-markets-2013/
Warnings about ban on dual agency in FHA short sales can be safely ignored | Bedford Real Estate
Some servicers, including Bank of America, have been telling some Realtors that dual agency is not allowed in FHA short sales, but that is not correct, the National Association of Realtors warned today.
The U.S. Department of Housing and Urban Development (HUD), of which FHA is a part, issued a letter to mortgage servicers in July outlining a number of new anti-fraud requirements for short sales and deeds-in-lieu of foreclosure, including a policy that ”brokers and their agents may only represent the buyer or the seller, but not both parties.”
The policy was to take effect on Oct. 1, but in September, HUD postponed the policy after receiving a letter from NAR saying the ban on dual agency could make it harder for the government to get top dollar on short sales if some brokerages decided not to represent sellers in FHA short sales because they would not want to restrict their agents from representing buyers of those properties.
– See more at: http://www.inman.com/wire/nar-warns-members-not-to-heed-claims-of-ban-on-dual-agency-in-fha-short-sales/?utm_source=20140317&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.PyrAk6d2.dpuf
How to Get the Best Home Loan for Your Needs | Bedford NY Real Estate
Location, school ratings, number of bedrooms, outdoor spaces. These are the things potential homeowners focus on when they start house hunting. They’re all important factors, for sure. Even more crucial: How will you pay for your home?
Home loans are not a one-size-fits-all proposition. They differ based on their type, such as fixed or adjustable rate, and their loan term. Loans also vary in interest rate and annual percentage rate (APR).
To ensure you’re getting the best home loan for your situation, you’ll want to do your homework, talk to reputable credit counselors and lenders and follow these tips:
Fixed or adjustable?
There are two main types of mortgages: fixed rate and adjustable rate.
Most homeowners today opt for fixed-rate mortgages. With a fixed-rate mortgage, you are locked in to a set interest rate, resulting in monthly mortgage payments that remain the same for the entire term of the loan. The No. 1 benefit of this type of mortgage is inflation protection. If mortgage rates go up, your rate will not follow suit. Conversely, if rates drop, your interest rate will not drop. (Of course, you could refinance your mortgage if rates dropped significantly.)
Most lenders offer 15- and 30-year fixed mortgages, and some also offer 20-year terms. The longer the term of your fixed mortgage, the lower your monthly payment because you’re paying over many years. With a 30-year term, however, you will end up paying more interest over time.
A 15-year fixed mortgage will have a higher monthly payment because you’re paying for fewer years. On the other hand, you’re building equity at a faster rate and will pay less interest over the life of your loan. The shorter the term of your loan, the lower your interest rate will likely be.
An adjustable-rate mortgage (ARM) is a loan with an interest rate that will change over the life of the loan. ARMs have adjustment periods that determine how often their interest rates can change and they have initial “fixed” periods during which their interest rates won’t change at all — most often 3, 5 or 7 years. After this period, rates can readjust. These loans are often considered riskier because the interest rate and payments can increase when the loan adjusts. However, if you’re planning to live in your home for a shorter period of time, these loans may make sense for you, especially because you’re likely to obtain a lower interest rate than with a fixed mortgage.
http://homes.yahoo.com/news/best-home-loan-needs-224044975.html
Funky NoCal Rustic Modern on the Water Wants $2.25M | Bedford NY Real Estate
Bedford Schools Make More Cuts To Keep Budget Under Tax Cap | Bedford Real Estate
Bedford residents would see a 2.99 percent drop in their property tax bill under the 2014-2015 Bedford Central School District preliminary budget, while residents from Pound Ridge, New Castle and North Castle will see an increase.
The tax rate would drop in Bedford to $134.29 per $1,000 of assessed value. It would increase in:
- Mount Kisco by 5.75 percent to $73.45 per $1,000 of assessed value
- Pound Ridge by 4.31 percent to $83.89 per $1,000 of assessed value
- New Castle by 8.86 percent to $73.03 per $1,000 of assessed value
- North Castle by 7.84 percent to $650.47 per $1,000 of assessed value
While no major programs were cut in the $123.5 million budget, School Superintendent Jere Hochman said this will be the last year he will be able to say that.
“In spite of negotiations with all unions which resulted in a significantly reduced trajectory of salary and benefit increases (reduced to 3 percent), the board’s use of reserves ($3 million), and previous year’s cuts and efficiencies, this budget includes over $2 million in cuts and some changes in service expectations,” he said.
http://mtkisco.dailyvoice.com/news/bedford-schools-make-more-cuts-keep-budget-under-tax-cap
Restaurateur Michael White takes over at Bedford Post Inn | Bedford Real Estate
Amid reports of a split between Richard Gere and Carey Lowell, the restaurants at the Bedford Post Inn are changing hands. Chef Michael White, owner of Altamarea Restaurant Group, has signed a long term lease for the Bedford restaurant, previously operated by the famous couple.
Altamarea will operate all of the food and beverage operations at the Bedford Post Inn, including the Barn, the private events space, the outside grill terrace and the flagship restaurant, the Farmhouse, which will be renamed “Campagna.” The chef de cuisine will be Devin Boyzaka, who was sous chef at The Inn at Little Washington. Richard Gere and Russell Hernandez will continue to own the inn, which has eight suites.
According to the Altamarea Grou, Campagna will serve its well-known upscale Italian cuisine, that features plenty of seasonal dishes to reflect the restaurant’s location in the Lower Hudson Valley and its abundant local produce. Other restaurants in the Altamarea group include Marea, Osteria Morni, Ai Fiori, all in Manhattan, and restaurants in New Jersey and London.
In 2007, Richard Gere and Carey Lowell brought the 1700’s era farmhouse property back to life as a gourmet destination in a country setting. Recent reports of the couple’s split are not officially confirmed.
http://food.lohudblogs.com/2014/03/04/richard-gere-turns-restaurants-bedford-post-inn/