Wednesday, May 1, 2019 / by Vanessa Saunders
Buying a home is a giant step for most of us. Usually it comes with an equally giant responsibility - the mortgage! Getting the right kind of mortgage and one you can afford is critical in becoming a successful home owner. Home buyers, especially new or first time buyers, tend to focus on their interest rate as the first step in shopping for a way to finance their dream home. I am here to tell you that the very last thing you will find out, believe it or not, is the interest rate.
The interest rate you will end up with varies daily up to the day you lock it in. This is because rates are based on a long list of variables affecting them. These factors include, in part, loan type, credit score, loan-to-value percentage, debt-versus-income ratio, property type, down payment percentage, location of the property, and several other criteria. So the answer to "What's my interest rate going to be?" comes at the end of a long process, prior to which you will have chosen a type of hous ...
Wednesday, January 23, 2019 / by Vanessa Saunders
If you don't work directly for the U.S. government, you may think that the shutdown will have little impact on you, but the effects may be more far reaching than you think. The shutdown includes all non-essential government employees and the many departments they represent. Some of these departments are directly related to the mortgage process. If you are selling a home, your buyer could directly be affected. Furthermore, if you are buying, the process may be stalled until there is some resolution. Regardless, the government shutdown will have a negative impact on the real estate market.
The following departments which provide real estate related services will be negatively affected by the shutdown:
Environmental Protection Agency
Under EPA's shutdown plan (link is external), most employees are now furloughed. This will affect various regulatory programs and compliance activities, such as wetlands determinations under the 404 program and enforcement of the lead-based paint d ...
Tuesday, November 27, 2018 / by Vanessa Saunders
The Federal Housing Financing Agency today announced an increase in the conforming loan limits for 2019. The new limit is now $484,350 for a residential loan. This decision is important to New York residents especially due to the fact that home prices throughout the United States and especially in the tri-state area continue to rise. The increase allows someone in 2019 who is making a 20% down payment to purchase a property for $605,000 and apply for a conforming loan. This compares to $566,250 in 2018.
This also has a profound effect for FHA mortgages and VA mortgages where lower down payments are more prevalent. It will allow home buyers to purchase a higher priced home and reap the same benefits.
For more information, contact Our preferred lender:
Senior Mortgage Loan Originator
Luxury Mortgage Corp
35 Pinelawn Road, Suite 109E
Melville, New York 11747
Cell: 516.398.9511 | Office: 516.393.4470
eFax: 516.706.312 ...