Tag Archives: Bedford Hills NY Homes

Bedford Hills NY Homes

Earth Day in the Town of Bedford | Bedford Hills Real Estate

 

Dear Neighbors and Friends,

 

Today is Earth Day which the Town of Bedford is celebrating in several ways.

Please see the Bedford 2020 website. It’s filled with useful information.  We encourage you to use it as a resource. Among the positive actions we all can take is to reduce, reuse and recycle.  You can recycle through your carter and also at the Town’s Recycling Center
We also will be marking this special day with a tree planting ceremony on Saturday, April 26th at 9:00am at the Bedford Hills  Memorial Park.  All are invited.

We wish you a Happy Earth Day.  Please plant a tree, recycle, turn off the lights and remember that Earth Day is everyday, not just today.

 

Chris Burdick

Supervisor

We do not inherit  the earth from our ancestors, we borrow it from our  children.– Native  American Proverb
April 22nd Earth Day

Did you refinance your mortgage? Here’s a tax break | Bedford Hills Real Estate

 

Refinancing tax deduction basics

You are generally allowed to immediately deduct refinancing points to take out additional mortgage debt used to finance improvements to your principal residence. However, points paid to refinance the remaining balance of the old loan must be amortized over the new loan’s life.

Example 1: Say your old mortgage was $200,000, and you refinanced by taking out a new 15-year $300,000 mortgage. You spent the additional $100,000 of debt to pay for a new den, a kitchen remodel, new landscaping, and assorted other home improvements. You paid 1-1/2 points ($4,500) to get the new loan.

You can immediately deduct one-third ($100,000/$300,000) of the refinancing points, or $1,500, on your 2013 return as long as you paid at least that amount out of your own pocket to get the new loan.

You can claim amortization deductions for the remaining two-thirds ($200,000/$300,000) of the refinancing points, or $3,000, over the new loan’s 15-year term (180 months). So you can deduct $16.67 ($3,000 divided by 180 months) for each month the new loan was outstanding during 2013. In 2014 and beyond, continue claiming amortization deductions of $16.67 a month for as long as the new loan remains outstanding.

Note: If you rolled all the refinancing costs, including the points, into the balance of the new loan, you must amortize the entire amount of the points over the term of the new loan (no immediate deduction in this case).

Example 2: Say you simply refinanced your old mortgage last year without taking on any additional debt. In this case, you can amortize the points over the life of the new loan. For example, if on July 1, 2013 you paid $4,500 in points for a new 15-year mortgage (180 months) with the same principal balance as your old loan, your 2013 amortization deduction is $150 ($4,500 divided by 180 months times 6 months). Your amortization write-offs will continue in 2014 and beyond, at the rate of $25 a month ($300 a year), for as long as the new loan remains outstanding.

Deduct unamortized balance of points from earlier refinancing

Serial refinancers take note: If you had previously refinanced your mortgage and paid points, you probably have a good-sized unamortized (not-yet-deducted) balance for those points. You can deduct that entire unamortized amount when you refinance again.

 

 

http://www.marketwatch.com/story/did-you-refinance-your-mortgage-heres-a-tax-break-2014-04-08?siteid=yhoof2

Why the property market could be in trouble after the 2015 election | Bedford Hills Real Estate

 

If there was one winner from the Budget,  it seems to have been property.

Chancellor George Osborne has extended part of the ‘Help to Buy’ scheme all the way until 2020.

No wonder. He wants to be as sure as he can that the current property bubble (or recovery, depending on which part of the UK you’re in) lasts until the general election in May.

But I wouldn’t rush out to stick all your newly-freed pension money into buy-to-let.

You see, ‘Help to Buy’ comes in two parts, and the extension does not apply to the most aggressive part of the scheme.

On top of that, Osborne also announced a sting in the tail that could hit central London property hard…

Help to Buy – a scheme of two halves

It easy to forget that the Help to Buy scheme is divided into two parts.

Both allow a buyer to secure a mortgage with as little as a 5% deposit. But they operate in very different ways.

The first part targets only those who want to buy a new-build house. In this case the government gives them a 20% home equity loan, which is interest-free for the first five years.

Effectively, the government owns a chunk of your house. So if you sell up, or want to buy back the government’s stake, the price will reflect the value of the house at that point.

In other words, if you bought a house at £200,000 with a £40,000 loan from the government, and the price rose to £300,000, you would have to pay £60,000 to get full ownership.

We don’t think it’s a good idea for the government to be putting taxpayers’ money on the line in the housing market. But at least this only applies to new builds. And at least the taxpayer is exposed to the upside too.

In contrast, the second part of Help to Buy is much more dangerous.

 

http://moneyweek.com/uk-property-market-could-be-in-trouble-after-the-2015-election/

 

Find an Apartment in the Top Cities for Singles | Bedford Hills Real Estate

 

If you are single and looking for the best possible place to live, you should make your way to the sunny shores of Santa Barbara, according to Kiplinger’s recently released list of the top 10 cities for singles.

The city along California’s Central Coast—home to the University of California, Santa Barbara—sits atop the list thanks to “a financially fit populace [making for] a highly eligible dating pool,” Kiplinger reported.

Many of the other hotspots for singles are also located in college towns. If you would like to settle in a singles hotspot, we’ll play matchmaker by giving you a heads-up on what you can expect to find in its rental market.

Here are four of Kiplinger’s top 10:

Santa Barbara

Willow Springs in Santa Barbara has one-, two-, and three-bedroom apartments for rent that range from $1,740 to $2,410 per month. New units are being added to the community along with amenity upgrades aplenty. If you wind up at Willow Springs, you will be just minutes away from the ocean. The complex also features a patio and pool area perfect for relaxing with a date.

 

 

http://www.realtor.com/news/apartments-top-cities-singles/

Credit Scores: Mortgage Lenders Ease Requirements | Bedford Hills Real Estate

 

According to a report prepared by Ellie Mae, a mortgage technology company, the average FICO credit score for approved mortgage loans dropped to 727 in December 2013. It was 748 a year earlier.

The average credit score for home loans backed by Fannie Mae and Freddie Mac also dropped a little; December 2013 borrowers had an average credit score of 756, down from December 2012′s average of 761.

Refinance mortgages backed by Fannie Mae or Freddie Mac were approved with an average credit score of 729 in December 2013; this was a significant drop from the average credit score of 763 in December 2012.

Only 46 percent of mortgage applicants approved had credit scores above 750 in December 2013 while approximately 57 percent of applicants had credit scores over 750 a year earlier. 

Reasons for approving mortgages with lower minimum credit scores include mortgage lenders’ growing confidence as the economy improves and mortgage defaults decrease.   As rates rise and refinancing activity dries up, lenders may also exercise more flexibility with credit scores in order to encourage more business.

While this isn’t life-changing news for would-be mortgage applicants with sub-par credit scores, a mortgage lender’s willingness to work with less-than-perfect credit is a positive sign in the aftermath of the recession.

But wait — there are conflicting opinions concerning how or if mortgage lenders will change their minimum required credit scores for any but the best-qualified applicants. Mortgage applicants with credit problems can expect to encounter glitches on the path to mortgage approval. Mortgage Underwriting Policies: Out with Overlays — or Not

Another practice that can limit a mortgage applicant’s chances of approval is the use of “lender overlays.” Lender overlays are underwriting requirements, imposed by lenders, in addition to the guidelines set out by Fannie Mae, Freddie Mac or the federal government. Overlays create extra hoops for applicants to jump through (or get stuck in).

Some analysts have said that mortgage lenders may be willing to reduce or eliminate lender overlays if economic conditions continue to improve.

So far, most lenders have not reduced or stopped using overlays. Other economists and analysts believe that new federal “qualified mortgage” regulations will encourage mortgage lenders to maintain or further strengthen their mortgage approval requirements.
Unfortunately, the recession has caused home buyers to be less prepared to buy homes. The Ellie Mae report notes that homeowners who wanted to trade up were frequently blocked by a loss of home equity. The report also found that the weak economy made it more difficult to save for a down payment due to low yields on savings and ongoing unstable economic conditions.

 

http://blog.listedby.com/uncategorized/1064/

Metro-North Trains Running Smoothly After Harlem Explosion | Bedford Hills Real Estate

 

Service on Metro-North has not suffered many residual effects Thursday as a result of the explosion in Harlem Wednesday morning.

The explosion that killed seven people occurred adjacent to tracks along Park Avenue at 116th Street, knocking debris onto the tracks and shutting down all service into and out of Grand Central Terminal. Metro-North crews were able to restore service to the New Haven, Harlem and Hudson Lines prior to the evening rush hour Wednesday.

Trains are being run through 116th Street as per usual, according to Metro-North spokesperson Aaron Donovan. While trains normally travel through the area, they are traveling at 45 mph through 116th Street instead of the normal 60 mph while work is being done at the site. This is causing some train delays of between 6 and 10 minutes.

Donovan said that the railroad was able to get train service back up quickly by coordinating with the New York City Fire Department, New York City Police and Metro-North Police.

“It was all hands on deck. We devoted as many resources as we had to,” Donovan said, adding that there were at least a dozen crew members out on the tracks clearing debris.

MTA crews were not out on the tracks while the fires were still blazing. Members of the FDNY made sure that the area was safe before allowing MTA crews to work.

“Once they authorized us to go in, we were able to begin the clearance of debris,” Donovan said. “Overall it went as smooth as one could hope given the tough circumstances.”

Service was first returned to the New Haven and Harlem lines because they run on the two tracks furthest from where the explosion occurred. While those trains began running, crews continued to clear debris on the closest two tracks, and were able to restore service to the Hudson Line about an hour later.

Debra Oria of Danbury, Conn., traveled to the city for a work meeting, and had to take a subway from Grand Central to Woodlawn Station in the Bronx to take a Harlem Line train home. She said the trip took twice as long as it normally would, but praised Metro-North’s efforts to make traveling as easy as possible.

“When we arrived at the Woodlawn station, there was a line of Metro-North workers eight across. They just kept talking to people, telling us what was going on,” Oria said. She said employees worked to direct commuters and ease the crowds. “I thought it would be crowded on the platform, but they had great crowd control. It was good communication.”

 

http://armonk.dailyvoice.com/news/metro-north-trains-running-smoothly-after-harlem-explosion

How Many Homeowners Are Still Underwater? | Bedford Hills NY Homes

 

With the help of low inventory levels and unprecedented actions by the Federal Reserve, higher home prices have been a life preserver to the real estate market. Millions of Americans are no longer underwater on their mortgages, but millions of homeowners are still struggling in the wake of the housing bubble.

In the fourth quarter of 2013, the national negative equity rate declined to 19.4 percent of all homeowners with a mortgage, according to Zillow’s latest Negative Equity Report. The reduction comes after the previous quarter witnessed the fastest decline on record. In comparison, 27.5 percent of homeowners with a mortgage were underwater one year earlier. The peak was made in the first quarter of 2012, at 31.4 percent.

The national negative equity rate has now declined for six consecutive years. In fact, this is the first time in years that the rate dipped below 20 percent. Almost 3.9 million homeowners were freed from negative equity during the final three months of 2013. While this is a significant improvement, many people are still underwater, especially in certain states. Nevada leads the nation with 34 percent of borrowers owing more than their homes are worth, followed by Georgia at 32 percent.

 

http://wallstcheatsheet.com/politics/economy/how-many-homeowners-are-still-underwater.html/?ref=YF

Mortgage Loan Rates Slid Last Week, Mortgage Applications Rise | Bedford Hills Real Estate

 

The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning. It noted an increase of 9.4% in the group’s seasonally adjusted composite index, following a drop of 8.5% for the previous week. Mortgage loan rates fell slightly on all types of loans.

The seasonally adjusted purchase index increased by 9% from the prior week’s report, but it is 19% lower year-over-year. On an unadjusted basis, the composite index increased by 11% week-over-week. The unadjusted purchase index increased by 12% for the week.

Adjustable rate mortgage loans account for 8% of all applications, unchanged from a week ago.

The MBA’s refinance index increased by 10%, after declining 11% in the previous week. The share of refinancings fell slightly to 57.7% of all applications, the lowest level since last September.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.53% to 4.47%. The rate for a jumbo 30-year fixed-rate mortgage declined from 4.47% to 4.37%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.56% to 3.52%.

 

http://finance.yahoo.com/news/mortgage-loan-rates-slid-last-122559352.html

Can You Afford to Buy a House? | Bedford Hills Real Estate

 

With the help of low interest rates and intervention from policymakers, the housing market has been one of the most improved areas of the economy. However, a combination of higher rates, rising home prices, and stagnant wages is building affordability issues.

The cost of homeownership is on the rise across the nation. The estimated monthly house payment for a median-priced, three bedroom home purchased in the fourth-quarter of 2013 surged 21 percent to $865, compared to $714 from a year earlier, according to the latest report from RealtyTrac. The firm analyzed 325 U.S. counties and included other factors such as insurance, taxes, maintenance, and tax deductions. Among the 15 most populated counties analyzed, the estimated monthly house payment jumped an average of 34 percent from a year ago.

“A potent combination of rapidly rising home prices and the often-overlooked but significant uptick in interest rates in the second half of 2013 caused the monthly cost of owning a home using traditional financing to jump substantially in many markets over the last year,” said Daren Blomquist, vice president at RealtyTrac, in a press release. “The monthly cost of owning a home is still less than renting in the majority of markets, but the cost of financed homeownership is becoming dangerously disconnected with still-stagnant median incomes, driven not by shoddy underwriting practices this time around but by investors and other cash buyers who are not tethered to the typical affordability constraints.”

 

 

http://wallstcheatsheet.com/politics/economy/can-you-afford-to-buy-a-house.html/?ref=YF