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Multilender websites let borrowers see pricing | Chappaqua NY Real Estate

This series of articles is about opportunities available to consumers to save money on a mortgage in 2013. The first article was directed to those with an existing mortgage carrying an interest rate above the current market rate who could refinance profitably but haven’t — for reasons that don’t make sense. This article is directed at those looking to find the best possible deal on a refinance or home purchase loan.

Importance of posted prices: Mortgage lenders every morning reset their “posted prices,” which are the prices they will commit to at that time to a borrower who meets their qualification requirements. On a given transaction, posted prices will vary from lender to lender, and in a well-functioning market the shopping borrower would find the lender posting the best price on her deal and grab it. But that turns out to be quite difficult to do.

Agents don’t necessarily quote posted prices: The problem is that posted prices are not public information. Lenders deliver them to their loan officers, brokers and others authorized to offer their loans to the public. But these agents are not obliged to quote posted prices to mortgage shoppers, and in many cases they do not.

Agents looking to snare the shopper as a customer may price below the posted price (called “lowballing”). It is a common practice because it is often the only method available to the agent to separate herself from the others. After the customer is committed, the agent may price above the posted price (“highballing”) to increase the profit margin.

If the market price subsequently declines, the shopper will receive the early price quote instead of the new and lower posted price. If the market price increases, the shopper will pay the new posted price or higher, probably with an explanation and perhaps even an apology.

Why lowballing works: Agents can’t be held to the prices they quote to shoppers because market prices will change before the price is locked. The information provided by a borrower upon which a price quote depends must be confirmed by the lender before the price is locked.

Validation of some features, such as credit score, is quick, but others including property value usually take days to complete, and sometimes weeks. While the applicant is waiting for the lender to validate her information, the posted price is likely to change with changes in the market, making the early price quote obsolete.

Why highballing works: The typical applicant has no way to know whether she is getting the lender’s posted price at the time the price is locked. By that time, furthermore, the applicant may be committed to the transaction, having invested in an appraisal that is not transferable to another lender, and possibly paid other fees as well. Indeed, if the transaction is a home purchase with a firm closing date, there may not be time to start the process again.

The key to effective shopping is access to posted prices: To avoid lowballing, mortgage shoppers must have access to the posted prices of the lenders being shopped. This assures that their selection of the lender with the lowest price is correct. To avoid highballing, they must have access to the posted prices of the lender they have selected when that lender locks the price. This assures that they are receiving the correct price.

The only way that shoppers can compare posted prices of competing lenders and check that the locked price is the posted price is to access a multilender website that obtains the posted prices of participating lenders for disclosure to shoppers in real time. There are three: mortgagemarvel.com; zillow.com; and mtgprofessor.com, which is mine.

Don’t confuse multilender sites with lead generation sites, such as LendingTree.com and LowerMyBills.com, which do business with hundreds of lenders. These sites do not collect price data from lenders. Rather, they collect financial information including Social Security numbers from shoppers, which is sold to the three or four lenders who will pay the most for it. The shopper remains completely vulnerable to lowballing and highballing by those lenders.

Next week: saving interest on the mortgage you have now.

Chappaqua NY Homes | Avoiding the Fiscal Cliff, But Not the Steady Decline

Although it is probably good news that congress and President Obama managed to start the New Year by avoiding going over the fiscal cliff, it is hard not to get a sense that, now that we have avoided that, we can go back to the steady decline that has characterized our economy in recent years. Moreover, while avoiding the fiscal cliff is evidence that our elected officials are not completely unable to work together or govern, there is still reason to believe that congress is not capable of governing the country in a serious way or of addressing any of the myriad problems facing the U.S.

To a large extent, the fiscal cliff was an artificial crisis arising out of the Republican-led congress’ unwillingness to raise the debt ceiling in the summer of 2011. Congress’ inability to function in summer of 2011 led to the formation of a super committee which was supposed to do the work which congress could not. Unsurprisingly, that super committee was similarly unable to function, thus leading to the automatic spending cuts and tax increases which were due to start this year and became known as the fiscal cliff.

In some respects, what is so unusual about the fiscal cliff negotiations is that they represented, for the most part, the every day work of congress. For decades, congress and presidents have been able to work together despite partisan and ideological differences to agree on a budget, tax policies and spending. In recent years this has broken down. In fairness, for much of recent American history, this agreement was reached by increasing borrowing, an option that is politically not as easy today as it was even a decade ago. However, the deficit alone does not explain why this basic act of governance has become so difficult.

It is possible to attribute this to an increase in partisan fighting and an increasingly partisan climate in Washington. This explanation is not entirely inaccurate, but it is also intellectually lazy and suggests a shared responsibility among the two parties that no longer exists. Now, even more than in Obama’s first term, it is clear that the responsibility for most of the obstruction lies with the Republicans in congress who are largely either radical Tea Party types or leaders who are unable to discipline or deliver their caucus. Interestingly, congressional Republicans are now so committed to their extremism and heedless of the political reality around them that they are willing, even anxious, to create political problems for themselves in the name of some ideological purity that is better understood as little more than a deep commitment to disagree with President Obama on absolutely everything.

The fiscal cliff deal has done nothing to change this basic orientation of a significant segment of congressional Republicans, who are still unwilling to take the work of governance seriously, preferring to operate through ultimatums and threats. Currently, this includes a number of prominent Republicans calling for a government shutdown, seemingly because they did not get their way on the fiscal cliff agreement.

In this context, the fiscal cliff agreement means very little. The agreement not only solves nothing, but it buys very little time as the Republicans in congress seem to be pivoting quickly to discussing government shutdowns, refusals to raise the debt ceiling and other measures which will accomplish little and be destructive to the American economy.

The fiscal cliff emerged because of a failure of governance, more specifically, because of a failure of the House Republicans to make governance rather than some ersatz ideological purity a priority. Although the immediate threat was avoided, this basic condition has not changed, meaning the fiscal cliff deal resolved very little. The fiscal cliff was a political construct which turned into a potential political and economic crisis. Interestingly, the lesson some in the Republican Party learned from this is not that creating false crises is a bad idea, but that they can get attention and an opportunity to show how much they oppose the president by creating more of these crises.

Unfortunately, it is likely that the fiscal cliff will be the beginning of a series of crises rather than the resolution or end of a process. It is unclear what can dissuade the House Republicans from continuing to do this. The resounding defeat of their party’s standard bearer in this recent election clearly did not accomplish this. Similarly, it is clear that leaders such as Speaker John Boehner are either unable or unwilling to try to curb this behavior. The cost of this will be quite high for the country. If one party refuses to govern, or sees it as less important than proving some increasingly obscure and irrelevant point, the fiscal cliff of January 2013 will seem like a fond memory within a year or two.

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Follow Lincoln Mitchell on Twitter: www.twitter.com/LincolnMitchell

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Chappaqua Realtor | 5 Great Social Media Networks You May Never Have Heard Of

Facebook, Twitter, Pinterest.  These are some of the names in social media networking that you will be familiar with due to their global popularity.  These days, Facebook is pretty much ubiquitous with over 900 million users across the world actively using the site to keep up with friends and learn about their favourite celebrities.

Twitter, although relatively new to the social media scene, also has a massive following with approximately 500 million user accounts active on the site.  A much more recent addition to the top social networks is Pinterest, which has seen an explosion in the number of users and activity in the past year.

But if you’re looking to branch out, there are a few other social media sites that you may want to explore.  Take a look through our list of the top five social networks that you are as yet unlikely to have come across.

1) Tumblr

Tumblr is a blogging service that combines some of the most popular features of Twitter, Pinterest and other blogging sites such as LiveJournal.  Easy to sign up for and simple to use, Tumblr offers users the ability to “follow” other Tumblr users in a manner not dissimilar to Twitter and to “reblog” posts by other users in a similar way to Twitter’s retweeting or Pinterest’s repinning.

The ability to search Tumblr tags is one of the things that make it very appealing.  Its simple search engine allows you to trawl through all posts made on the site on a particular topic and quickly find interesting posts or inspiration.  It’s especially good for ideas about food, craft and interiors.

2) Goodreads

Goodreads as a social network is based around the enjoyment of literature.  The site allows you to build a virtual book shelf of books that you have read, are reading or wish to read in the future and see reviews of these books or contribute your own.  It’s a great way to keep track of the books you’ve enjoyed and share these with friends, as well as seeking recommendations for new books to read.

The site is very popular with up-and-coming authors, particularly those who are self publishing on sites such as Amazon or Smashwords, who use the site to contact potential readers and befriend them as well as market their publications.

3) Last.fm

This social media network has been quietly going about its business in the background for a number of years.  Users of the site are able to download a small piece of software that enables them to “scrobble” every piece of digital music they have to one of a variety of media players.  These records are then used to match you with other users who have similar tastes to your own, and recommend bands that are similar to those that you listen to but whose music you may not yet have heard.

Last.fm is particularly good for friends as you can see what your mates have been listening to and share tracks with them using the site’s messaging service.

4) GetGlue

Another network based on entertainment preferences, GetGlue enables its users to check in when watching a movie, TV show or listening to music and lets you share this activity with your other social networks such as Twitter and Facebook.

Similar to last.fm, GetGlue also makes recommendations for things you may like to watch or listen to based on your viewing or listening history.

5) 43 things

This network is simplicity itself.  43 things allows users to list their goals then share them with a community of over three million people who can cheer you on as you strive to accomplish them.

The site enables you to link with Facebook or sign up independently.  People who are working towards similar goals can encourage one another to hit their target.

Conclusion

There are lots of social networks outside of the big three that are just waiting to be discovered.  Whether you’re looking to find new material for enjoying your spare time or need that little bit of encouragement to finish your to-do list, take a look at some of these sites and get inspired!

10 Lessons Learned from 2012’s Most-Popular Videos | Chappaqua NY Realtor

Being that it is the first week of the new year, I thought it would be worthwhile for us to take a moment and reflect upon some of the lessons learned in 2012. So, for today’s Creator’s tip episode, I spent some time reviewing the top 10 most-watched videos of last year to highlight certain video marketing lessons that can be learned from each.

0 10 Lessons Learned from 2012s Most Popular Videos

Lessons Learned in Video from 2012’s Top-10 Viral Videos

default 10 Lessons Learned from 2012s Most Popular Videos

1) Psy – Gangnam Style
Seed your videos.  Creating great content and putting it up regularly is only the first part of having a successful channel.  After that you need to be sure to engage with your audience.

default 10 Lessons Learned from 2012s Most Popular Videos

2) Somebody That I Used to Know – Walk Off the Earth
While original content is important, sometimes utilizing something else that is out there and adapting it to make it your own can be just as effective as was done with this music cover.

default 10 Lessons Learned from 2012s Most Popular Videos

3) KONY 2012
Your video does not need to be short to have a successful video on YouTube.  In fact, many of the new statistics point to videos that are longer than 2-3 minutes are shared more often, possibly because there is more time for your audience to have a more emotional connection resulting in them forwarding the link to other people.

default 10 Lessons Learned from 2012s Most Popular Videos

4) Call Me Maybe: Carly Rae Jepsen
Don’t worry about creating videos that have all the bells and whistles.  Viewers will more likely respond to a real connection than to fancy effects.

default 10 Lessons Learned from 2012s Most Popular Videos

5) Barrack Obama vs Mitt Romney
Be sure to create some videos that leverage events and trends that are hot topics and relevant now – also known as tent-pole programming.

default 10 Lessons Learned from 2012s Most Popular Videos

6) A Dramatic Surprise on a Quiet Street
Marketing videos do not need to be typical or boring.  If you are using video to marketing your brand, provide compelling content first and then attach your brand to it.  This will give you a higher likelihood of reaching viewers than sticking with the standard marketing gimmicks.

default 10 Lessons Learned from 2012s Most Popular Videos

7) Why You Asking All Them Questions
Be consistent with your videos.  Regularly provide your viewers with content that speaks to your channel, brand and messaging.

default 10 Lessons Learned from 2012s Most Popular Videos

8) Dubstep Violin Original – Lindsey Sterling
Collaborate more.  Contact other YouTube creators who have skills and talents you do not and combine both your audiences and your abilities to create something original you couldn’t create on your own.

default 10 Lessons Learned from 2012s Most Popular Videos9) Facebook Parenting: For the Troubled Teen
Create content that reaches your audience on a personal level and creates an emotional connection.

10) Felix Baumgartner’s Supersonic Freefall from 128K
Look at utilizing Google+ Hangouts for more videos.  Create good pre-event buzz and allow your audience to engage with you live.

QUESTION:  What lessons did you learn from the top viral videos of 2012?

Teatown Upcoming Schedule | New Castle Real Estate

What’s Happening at Teatown

Registration is required for all events by calling
Tuesday-Sunday, (914) 762-2912, x110

Admission is FREE for Teatown members.
$5.00 fee for non-members, unless noted.

Family & All Welcome – more
Sunday, January 6: Animal Adventures: Whooo’s Out There? 1:00pm-2:00pm. Meet a few of Teatown’s ambassador animals in this program featuring owls. Please note this program is for families with children ages 4 and over.
Children’s Events – more
December 26, 27, 28 & 31: Holi-Daze Fun-Daze Mini-Camp
Get out from under all the wrapping paper and enjoy the gift of nature in winter. Days are filled with games, animals, hikes and seasonal activities to end the year on a natural note. Register by the day (fees prorated) or for the entire session.4-5 year olds: 9:00am-12:00pm
Full Session Fees: Members $120; Nonmembers $150
6-12 year olds: 9:00am-3:00pm
Full Session Fees: Members $240; Nonmembers $270
Adults – more
Saturday, December 29: Last Hike of the Year, 10:00am-12:00pm. Let’s put the old year to rest with a vigorous hike to Teatown Hill. Dress appropriately for the weather and trail conditions. Please note this hike is for adults and children ages 8 and over.Saturday, January 5: First Hike of the Year, 1:30pm-3:30pm. Kick off the New Year with a hearty hike up Teatown Hill to enjoy the view, and then around Teatown Lake looking for winter wildlife. On our return, we’ll toast the New Year with a hot beverage. Please note this program is for adults only.

Chappaqua NY winter Farmer’s Market | Chappaqua Realtor

Ossining Winter Farmers Market

Market open Saturdays, 9:00AM – 1:00PM, 01/05 – 05/18
Ossining, NY
Parking Lot on the corner of Spring & Main Streets (Map it »)
Market Host: Greater Ossining Chamber of Commerce
Founding Year: 1991

Opening day is 01/05/13!

Participating Vendors

Baked By SusanCroton On Hudson, NYSpecialty Foods
Baked Goods
Prepared Foods
01/05 – 05/18