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How borrowers can still get a mortgage below 3 percent | Chappaqua Real Estate

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With the average mortgage interest rates well north of 4 percent and predicted to move toward 5 percent by the end of the year, it may surprise you to know that there are still ways to get a rate below 3 percent.

Yes, we said below 3 percent. And yes, on a house.

“It’s definitely possible to get a rate below 3 percent. It’s just going to be a unique product, and not for everyone,” says Nate Kuchera, a senior loan officer with Bank of Manhattan of Newport Beach, California.

But if it is for you, it will save you a lot of money, he says. Here are ways people are still locking in sub-3 percent rates.

Get a 10-Year Mortgage

If you’re looking for the lowest rate you can get on a fixed-rate mortgage, a 10-year term is your best bet, says Kuchera. He says it’s a rare product, but some people do choose it. And right now, he says you can likely find 10-year, fixed-rate mortgages at below 3 percent.

“This is good for people who are on the brink of retiring,” he says. “They’re on the tail end of their careers and want to pay off their mortgage quickly but don’t want to do it in one big lump sum. So they refinance to a 10-year.”

In addition to paying off their home for retirement, he says they also have the opportunity to save a lot of money in interest. That, of course, depends on their original mortgage, he says.

Still, to illustrate how much paying off a mortgage in a shorter time could save you, consider that the lifetime interest on a 30-year, fixed-rate,$300,000 mortgage with a rate of 4.41 percent is $241,460. The lifetime interest on a 10-year, fixed-rate $300,000 mortgage with a rate of 3 percent is $47,619. That’s a $193,841 difference.

There is one thing to keep in mind, however, says Kuchera. With a shorter term mortgage, your monthly payments will be higher.

“Yes, your rate may be better but you know how life is, things come up,” says Kuchera. “So make sure you’re comfortable with the higher payment. If you are, you’ll save a lot of money.”

 

 

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https://homes.yahoo.com/news/how-to-get-a-rate-below-3-percent-182724351.html

Drop in rates spurs rise in mortgage refinancing | Chappaqua Homes

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Mortgage applications edged slightly higher last week, as rates fell to their lowest level since November.

Applications rose 3.6 percent on week. However, the move was entirely due to a 7 percent gain in refinances, according to the Mortgage Bankers Association. Meanwhile, applications to purchase a home fell less than one percent on week but dropped 12 percent on year.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.39 percent from 4.43 percent. Concerns over whether or not the European Central Bank (ECB) might undertake easing measures at its June policy meeting spooked equity markets last week. Lackluster retail sales this week didn’t help matters. As investors flee to the relative security of the bond market, yields fall, and interest rates loosely follow those moves.

 

“We always get some response to any move to periodic highs/lows in rates. Some magic percentage of mortgage holders are always needing or wanting to refinance, and some percentage of that percentage is flexible as to their lock time frame,” said Matthew Graham COO of Mortgage News Daily. “Those are the folks that make the applications numbers move the most. In general, they’re locking more as rates are hitting periodic lows.”

 

 

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https://homes.yahoo.com/news/drop-rates-spurs-rise-mortgage-110000227.html

Mortgage applications climb 5.3% for week | Chappaqua Real Estate

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Breaking two weeks of declines, mortgage applications increased 5.3% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 2, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 5.3% on a seasonally adjusted basis from one week earlier.

The Refinance Index increased 2% from the previous week. The seasonally adjusted Purchase Index increased 9% from one week earlier to the highest level since January 2014.

“It is official: we are in a majority purchase market for the first time since 2009,” said Mike Fratantoni, MBA’s chief economist. “A sizeable increase in purchase applications last week likely reflected the impact of somewhat lower mortgage rates as well as continued growth in the job market, as confirmed by Friday’s employment report from the BLS.”

Despite the strong increase in the purchase market last week, volume continues to run 16% behind last year’s pace.

 

 

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http://www.housingwire.com/articles/29928-mortgage-applications-climb-53-for-week

32% of people looking to buy a home in the next two years | Chappaqua Real Estate

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Americans are becoming more optimistic about buying a home, with 67% of people saying they plan on purchasing a home, and of that amount, 32% are looking to buy within the next two years.

The PulteGroup (PHM) Home Index surveyed 1,004 adults on their sentiment about the U.S. economy and how current housing conditions are impacting future homebuyers.

According to the survey results, 74% of adults feel the economy has remained steady or improved in the last year.

As a result, 57% of adults think now is a good or excellent time to purchase items they want or need, especially when it comes to entering the housing market.

Millennials and move-up buyers are the most engaged consumer segments, with 85% and 71%, respectively, intending to purchase a home in the future.

“For the first time in years, Americans have a growing sense of optimism that the housing market is improving, and that these positive changes may be sustainable,” said Margaret Gramann, senior vice president of sales for PulteGroup.

“This favorable outlook is giving them the confidence to pursue more meaningful, big-picture life opportunities they may have otherwise put on hold,” Gramann added.

There are two main drivers to purchasing a home: the need for more space and the view that owning a home is a smart financial investment.

Currently 70% of home shoppers plan to spend as much or more money on their next home, along with 64% of people saying they prefer to spend on a home that’s move-in ready rather than spend less and renovate.

“Whether it’s a first-time or move-up buyer, or an active adult, purchasing a home is a major life decision and Americans are recognizing the importance of maximizing what they view as a long-term investment,” said Gramann. “They’re aiming to create value in a home that meets their specific wants and needs from day one, and if that means spending more money, they’re willing to do so because of confidence in the market.”

And as consumer demand for housing increases, so does the demand for more credit.

For borrowers who already have a home, the demand for home equity lines of credit is increasing.

 

 

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Americans ready to spend money…especially on housing

Behold, the $50M PH & Sky Pool of Foster’s Chelsea Condos | Chappaqua Homes

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6 images


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A few renderings and pricing have been revealed for the uppermost penthouse at the Norman Foster-designed 551 West 21st Street. True to the hype, one of the building’s three extravagant penthouses will feature a 61-foot-long lap pool as part of its 4,000-square-feet of private outdoor space. The rather rare outdoor amenity is on a terrace overlooking the Hudson River, the Observer has learned. Prospective buyers may find the $50 million penthouse a relative bargain compared to the city’s other penthouse-with-private-pool (PDF!) which will ask $100 million at 50 UN Plaza—also designed by Norman Foster.

 

 

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http://ny.curbed.com/archives/2014/04/29/behold_the_50m_ph_sky_pool_of_fosters_chelsea_condos.php

 

Do-it-yourself design projects that are less crafty | Chappaqua Homes

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Pinha lamp

To create its customizable Pinha lamp, the London studio Raw-Edges took advantage of cork’s unique properties. As an insulator with low heat conductivity, it’s safe to wrap around virtually any bare lightbulb without the risk of burning the whole house down. And the fact that it makes a great pincushion gave the duo the idea for its shape: Four tiers provide the perfect platforms for tacking on a shade of your choosing, from graph paper to vintage maps.

 

 

 

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http://living.msn.com/home-decor/diy-decorating/do-it-yourself-design-projects-that-are-less-crafty-more-cool#2

 

4 ways enhanced listing videos can boost properties’ selling power | Chappaqua Real Estate

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Let’s be honest: Video listings are a great real estate marketing tool, but sometimes you need more than a basic walk-through. Value-added features can be the key to making a standout video and boosting the selling power of a property. Voice-over.

Especially if you read the voice-over yourself, this is usually the least expensive way to add value. A voice-over allows you to point out the property’s best features or communicate any special information. For instance, if you’re selling a newly renovated home, you might describe the updates completed by the seller.

One tip: Work from a script. It makes the process more efficient and, by extension, more affordable. Pre-roll or “agent on camera.” Pre-roll is footage inserted before the main listing video. “Agent on camera” is a guided tour of the property.

Both options help personalize the video and allow you to point out what’s special about the property. For example, you might highlight a state-of-the-art media room or newly remodeled kitchen.

 

 

 

– See more at: http://www.inman.com/next/4-ways-enhanced-listing-videos-can-boost-properties-selling-power/?utm_source=20140416&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.kTJn4pa5.dpuf